I have a small business that is 3 years old that I co-created with my business partner. Our business is constantly evolving and as a result we have doubled in size (staff/clients/income) each year since starting. We are nearing the point where we are going to fill our business to capacity (we are a service based business vs. product) and will either need to look at a larger location or a second location.
We are considering bringing our two most talented staff members in as equal partners in our business with the intention of having them open a second location. These are smart, motivated, hard-working, creative and trustworthy individuals.
My question is: Is there a better way to grow our business than bringing in these individuals as partners?
Important piece of this is that our profits are not at a place where we could support a full time manager. Opening a second location would require a lot of work and needs to be done by someone who is okay with the benefit of that work being a long term investment.
I'm happy to answer any questions that would help you answer the question or give insights.
Thank you!!
We are considering bringing our two most talented staff members in as equal partners in our business with the intention of having them open a second location. These are smart, motivated, hard-working, creative and trustworthy individuals.
My question is: Is there a better way to grow our business than bringing in these individuals as partners?
Important piece of this is that our profits are not at a place where we could support a full time manager. Opening a second location would require a lot of work and needs to be done by someone who is okay with the benefit of that work being a long term investment.
I'm happy to answer any questions that would help you answer the question or give insights.
Thank you!!
via Small-Business-Forum.net http://www.small-business-forum.net/managing-your-business/10016-should-my-business-partner-i-bring-more-partners.html
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