I started a niche consulting firm in January and have been fully-booked since March. I’ve been mostly a 1-man show thus far, but want to start growing. I’m considering bringing on a partner or two (I have two in mind).
If I only bring on 1, it will be to take on the majority of hands on work I’ve been doing and some of the client-facing activities. I would then devote my time to sales and service line development.
If I bring on another, it will be to take on sales while I focus on service line development and vendor partnerships (sub-contract labor).
This is my first company, so I’m flying blind and learning as I go. I’d love advice on any or all of the following:
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How much equity to offer (with the partners earning it over years). I don’t foresee adding any other partners in the future.
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What types of agreements I should put in place to ensure I don’t regret adding partners.
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Comp structure to offer. All partners will be full-time employees with modest salaries, but incentives to make this worth jumping from their current jobs.
Thanks in advance!