Forums: Discussions for entrepreneurs and small business.

All,

When I wrote my business plan I planned on bootstrapping. I was not considering looking for investors and I did not want to use debt instruments to fund the startup phase of my business. I wrote my system, built my site, paid for professional web-design and branding, and filed for a patent. This has taken two years and a little over $15k – paid for out of my own pocket. My original plan was to do all initial marketing (mainly cold calls and site visits) myself and grow very gradually.

I have an acquaintance that I respect and who is a very good salesman.  I had even considered approaching him sometime in the future once I had a sales force large enough to warrant a full time sales manager. I asked him for some advice a few months ago and we started talking. He stated an unsolicited interest in investing a substantial sum for part ownership. I initially declined his offer since this was not in my business plan. Several conversations later he is now my first sales person and will start in January working as a part-time employee for commissions only.

David,

There are several things to consider including:

1. Will this infusion of capital - advance the company toward your goals or will it mean a "new" direction?
2. Are you "ready" to have a working partner in this business? (whether equal or not)
3. Do you both share the same long-term vision for this business?

David,