When I purchased my business I had an offer for a private investor to come in at a minority share (less than 20%). I really struggled with bringing him on or not because I had the mindset of why would I ever give up equity. I talked with a lot of people about it and everyone gave me the advice of don’t bring on an investor if all they are offering is money. Bring them on if they have expertise that can help you, connections that they can open the door to, prior history of scaling a business your size successfully to where you want to go, etc. That’s what I did and so far I know I would’ve made so many more mistakes than I’ve made so far. It’s pretty amazing to be able to call/text someone smarter than you anytime you want for advice. They have skin in the game. It makes a huge difference vs someone that doesn’t.
When I purchased my business I had an offer for a private investor to come in at a minority share (less than 20%). I really struggled with bringing him on or not because I had the mindset of why would I ever give up equity. I talked with a lot of people about it and everyone gave me the advice of don’t bring on an investor if all they are offering is money. Bring them on if they have expertise that can help you, connections that they can open the door to, prior history of scaling a business your size successfully to where you want to go, etc. That’s what I did and so far I know I would’ve made so many more mistakes than I’ve made so far. It’s pretty amazing to be able to call/text someone smarter than you anytime you want for advice. They have skin in the game. It makes a huge difference vs someone that doesn’t.