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Advice on Bringing in an Equity Partner? i will not promote
Seems to be a lot of tech startups in this sub so hoping I'm in the right place! I run a fast growing cleaning company - going on 16 months, been running it remotely for the past 10 months. it grew pretty quick & i'm hoping to scale it even faster. $230k rev in it's first year. Low overhead model, with clear processes for expansion into 4 more low-competition cities once we get our operations tightened up. Main reason for this post - I'm not new to the business world, but I am VERY new to the concept of bringing on a partner. I already have someone covering marketing/sales (not a partner but WOW is she awesome), and would be looking to bring someone on who would tackle operations (mainly cleaner and client management, streamlining our processes at scale). **What I’m trying to figure out**: 1. Equity Structure: Since we don’t actually need capital (as I said, our overhead is basically non-existent), how do I structure an equity deal for someone whose main contribution is sweat equity? Specifically operations (building teams, scaling processes, etc.)? Is this attractive for an equity partner? Or should I just hire someone for ops and incentivize with a low equity %? 2. Partner Search: Where do you find people interested in becoming an equity partner? 3. Vetting Process: What qualities do you look for when you're vetting a potential partner? Green flags? Red flags? 4. Goal Alignment: Has anyone else gone from a “business-as-a-job” mindset to partnering up for a bigger exit? I will say the concept of building a business to exit is also **very** new to me but sounds exciting & I love having something clear to work towards. I’m calling it a “startup” even though I'm not 100% positive that's what this is? We’re not doing funding rounds or building software. But we definitely grew fast and still have a significant amount of growth potential. Thanks in advance for any guidance or examples :)3
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