Questions

How can I determine the right criteria when looking for a business partner?

I'm looking for a business partner that could work only on commissions based and would know how much would be a fair commission. I'm looking for an HR partner that could take care of relationships with clients, find new prospects, and set up the recruitment process.

3answers

Since you are looking for a business partner who will work on commissions basis, these are the things you should for:

1. Experience: the individual should have an extensive experience in working without a fixed salary. He or she should be someone who has worked for commissions or profits share before. A newbie who is used to to a fixed salary may find it hard to adapt especially during times where business prospects will be hard to find.

2. A 'business bagger': A 'business bagger' is a person who is willing to bring 1 or more clients to you while joining you on board. Many law firms use that method before hiring a partner, they request that a new partner brings in one or few clients from his/her past work relationship.

You may be asking yourself: 'if he/she can bring clients to me from day one, why then does he/she not work from himself/herself?'

The reason why a 'business bagger' would join you is simply because they would receive from you a platform from which they will operate easily and profitably. They do not have that platform but you should (must) have it in order to attract the BEST HR partner.
What do I mean by platform?
A platform could be a great and reputable company name, or a comfortable office.....

3. HUMAN Management experience: Don't hire a partner who has never led people. Your preferred partner should have managed and led people before joining you.

If you need more info, please make a call or email me at: maurice@highercapital.org.za


Answered 3 months ago

Hi:
Not sure how well you know the market you're targeting, but to best know what you need in a partner, get a strong handle on what the target market needs.
Who is your ideal customer? What pain points does she or he have? What is your solution to those pain points? Is it unique (so you need to educate)? Or is it a variation on an existing solution?
Once you have a handle on that and you validate it with potential customers, ask how their current providers handle the relationship. Dig into those likely competitors and learn what you can about their business models. What are their commissions based on? How do they manage the business while conducting business development? What's the most valuable aspect of the business?
If you wish to discuss, send me a PM through Clarity for 15 free minutes.
Cheers,
Kerby


Answered 3 months ago

Wow. I too would love to find people that would be willing to handle all these matters and work on a commissions basis.

With the wheels back on the economy for the first time since the meltdown of August 2008, there is some hope that once again enough experts are doing well enough to take such roles.

However, may I offer a better approach? Let's assume for a moment that you are on LinkedIn and have at least 500 connections. If not, that should be your focus in your spare time. If so, reach out to your connections only, and tell them you are looking for a partner to take your business to the next level.

Tell us your strengths in two or three bullet points with a little detail, maybe 60 or 70 words for each, and remind them what your business does.

Then, when some recommendations come in, they have already been vetted to a degree by people you "know, like, and trust" and so reach out to each of the candidates.

Yes, there is more to it and I would be happy to talk with you. Reach out.

~ski

P.S. My last hire took a whole five minutes. If it is taking you longer, you are doing a number of things wrong.


Answered 3 months ago

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