Thinking About Bringing in a Partner? Read This First
Wow! My company was an exhibitor at a sports trade show when I bumped into a former high school acquaintance that I had not seen in more than ten years. Unknown to me he had been following my progress as an independent producer of tennis clothing for women.
He tracked me down, dragged me over to his booth to show me his company’s tennis dress line and proclaimed that he was sick of being the sales manager for a large conglomerate and was ready to make a move. Carl bragged about how much money he had made and boldly proclaimed that he wanted to buy into my company.
Papillon, my tennis dress manufacturing company, was annually generating about two million dollars in sales, making a small profit and my customers were some of the best known department stores in the country.
When Carl offered to purchase fifty percent of my company for $500,000 he certainly got my attention. On the surface, this looked like a great opportunity. His offer was not chicken feed—an equity infusion of half a million dollars would enable me to double my sales and grow the company at a much faster pace.
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