Finding a Business Partner

Deep_Ocean

I am currently a Finance Manager for two companies, both ona part time basis. I enjoy being the primary person who takes control of thegeneral company administration and liaising with the company accountant andensuring that the businesses are in good financial standing. This is my recentarea of expertise after graduating from a Finance & Accounting degree in2011.
As I graduated as a mature student (aged 30 when Igraduated) I lacked the relevant UCAS points to secure a graduate placement andI appear to have hit a ceiling as a Finance Manager earning a mere £16k peryear. In order to feel fulfilled and driven I would enjoy running my ownbusiness and reaping a share of the benefits. This thought process had led tobelieve that there must be a social networking site for entrepreneurs lookingto meet businesses partners. For everybody who sets up a business it’s needlessto say that they need to spend a lot of time on the administrative and financeside of things. I was wondering if anybody was aware of such a site where Icould meet people who are looking to set up a business in my local area but arelooking for a business partner who offers what I am able to offer?

paddyrg

Try local business networking groups talk to your local chamber of commerce or even any successful local businesses about what's in your area. Many groups do business breakfasts, so you can fit it around your world. If you qualified 2 years ago though, you may find people aren't looking for an inexperienced partner so much, just be aware

Pennywise

I think you need to offer more than dealing with the book-keeping/finances side of things - a lot of businesses will just hire a book-keeper to do that at £15/£25 per hour - it's more of a job than a business partner role.

You'll have to think what else you can offer, such as paying in some capital, or marketing, etc.

Deep_Ocean

Yes I appreciate that but of course this would be indicated by the number of shares allocated. 5%-10% share in the right company with a reduced salary would suffice.

It is just a whim really that I was flirting with today. It is a difficult economy and I am somewhat frustrated and need to try and make things happen for myself. I work very hard and always have done. I studied at uni as a mature student and worked very hard to achieve a first in Accounting and Finance. I put everything into my work and am still only on £16k which is not a sufficient reward for the efforts I make.

My partner is due to have a baby in a couple of weeks, we have a wedding to plan for and in the next couple of years we will want to upsize our home. At the moment we can't even afford to replace our windows that have all blown and the house will not hold any heat. Our car died a few months back and we were stuck, if not for my partner’s granddad buying himself a new car and giving us his old one we would have had to live without.

I want to provide a nice comfortable future for my family and not rely on generous hand-outs from relatives. It is back to the drawing board again I think. It is hard to break into a new career at the wrong side of 30. Graduate schemes want the young 21 year old conventional students with 200+ UCAS points, there is not much else on offer that offers more than I am currently getting. I am studying CIMA from home and CIMA suggests that the average salary for somebody in my position is £28k. I am now earning less after a university degree than I was earning as a postman before I went to uni.

I guess the rational side of me suggests that I should concentrate on completing my CIMA and get more experience and see what opportunities present themselves in the future. Rome wasn’t built in a day.

inmypocketnottheirs

CIMA is a highly regarded qualification. Getting to a good position in a finance role in a decent sized business does take a few years. I admire you for what you are doing/have done. Long term you will be in a better position, as you say Rome wasn't built in a day. Keep the faith!!

paddyrg

Hiya, I totally understand your desires and frustrations, I have jumped career path in the past, it is scary and hard work as you almost start from scratch again - kudos to you.

I just see that your dream of partnering a business may be tough to materialise art this stage in your new career. If a company is small enough to need to not pay a few hundred quid/do their own books, then 5-10% is a very small amount. The company probably barely pays a dividend after tax.

Can you start a sideline in preparing personal self assessment tax forms for a fixed fee for people? There must be lots of people out there who'd give you fifty notes for what may be an hour or two of work, and it'll increase your skills and confidence dealing with HMRC

Mistral001

Most potential good business partners will want something from you in return for whatever you are wanting from them. So you have have a clear understanding of what you are wanting from them and also of what you are offering in return.

One other thing. Think about who is going to b the senior partner and who is gong to be the junior one. 50/50 partnerships rarely last the test of time as has been discussed many times on this board. It looks like that you will want to be the senior partner so you have to be able to offer more to the partnership than your prospective partner. You need to think what this is all going to be. Is it going to be premises, more capital etc.

ILW

What have you got to offer beyond basic accounting skills?
Why not just start your own accounting firm if you think you have any entrepreneurial talent?

Wywth

Deep_Ocean wrote: »

I am currently a Finance Manager for two companies, both ona part time basis. I enjoy being the primary person who takes control of thegeneral company administration and liaising with the company accountant andensuring that the businesses are in good financial standing. This is my recentarea of expertise after graduating from a Finance & Accounting degree in2011.
As I graduated as a mature student (aged 30 when Igraduated) I lacked the relevant UCAS points to secure a graduate placement andI appear to have hit a ceiling as a Finance Manager earning a mere £16k peryear. In order to feel fulfilled and driven I would enjoy running my ownbusiness and reaping a share of the benefits. This thought process had led tobelieve that there must be a social networking site for entrepreneurs lookingto meet businesses partners. For everybody who sets up a business it’s needlessto say that they need to spend a lot of time on the administrative and financeside of things. I was wondering if anybody was aware of such a site where Icould meet people who are looking to set up a business in my local area but arelooking for a business partner who offers what I am able to offer?

I'm not really one who cares much about job titles. I find people tend to be paid what they are worth. It's a bit like Gordon Ramsey wonders what the heck an 'Executive Chef' is when he enters a kitchen to find the said person washing the pots & pans.

I work in an industry where even the most junior of finance analysts earn a lot more then £16k a year.

So for that reason, I'll not waste your time further and declare myself out!

accountingbod

If started to study for my ACCA just over 3 years ago and qualified last August.
I have gone from being a finance clerk through to a group accountant now. This doesnt happen without sticking your neck on the line but what i would say is that if you do get your CIMA qualification and you have the right personality to go with it, then you really can offer a lot to a business partner when it comes to strategic management.

Failing that, going down the route of opening up your own practice/bookkeeping firm is a good option.
I am based in the south east and charge at £15 per hour for prep up to trial balance level and have found it to be a great second line of work.

I would like to go freelance one day and open a practice i need a bit more security before taking this step.

In answer to your original question, i guess there are networking sites such as venture capitalist organisations that network ideas and put people with capital in with people with ideas/products.
I have not seen a more casual version of this online but there are always plenty of physical networking events going on in my area.
I think the problem with online networking is that you really need to see and talk to someone sometimes to know if you are going to get on with them.
In the first instance though, online could be good.

For people setting up a business and having a need for a finance/admin person, yes i can see a need for this but this is normally the realm of bookkeepers/secretaries etc...

Ramble over...