Time spent on operations verses trying to find the right partner that sees the vision, assets and opportunity to grow a great company is the challenge. Execute and create value or spent time on a result that might not occur when searching for resources. At CONTRIB, should we Let it come or seek and find is our time management question.
There are a couple of key questions embedded in your decision that aren't addressed in your description that make this difficult to provide input:
What are you looking to gain with a partnership? (capital, connections, expertise, access to customer base)
How much and on what timeline?
To use for what specifically? (equipment, facilities, labor, marketing)
How will it enable you to grow? (efficiencies, new markets, additional revenue streams)
Is your objective incremental organic growth, "hockey stick" growth or other?
How urgent is the need? (Do you have working capital? Are you pre-revenue, break even or positive? Is it sustainable?)
Happy to discuss in detail once I have a bit more perspective on your situation.
Answered 8 years ago
This answer was made easy for me because I first thought it was $28,000 in assets you had. To answer either amount of assets my feeling is you have to put yourself out there in every form you can related in your field. I wouldn't be asking for these partnerships directly because you will have to shift through a lot of dead wood. Just be more visible than you ever have through every online and offline medium you can. When the offers start coming in you can start to pick and choose the best of the best. If you seek them you immediately are in a inferior position but if they have search you out it's a whole new world. Think of it as the difference between inbound calls and outbound. When I promoted my last attorney and I figured a way to have the phone ring all day with clients, what a position I was in. I was often able to teach people how law was done these days my way and we ended up with the best clients with no competition. Hoped that helped. By the way I'm at $150 an hour right now just for fun but I will going back to $500 an hour as I was when I worked with the attorney. And if your wondering who this attorney is I have the letter of recommendation from him, thanks...Ken Queen
Answered 8 years ago