I need your advice and help with an investor who wants to be a part of my business
At one of my local mastermind groups I was pitching the vision for the future of my website, its products and impact on the world. After the meeting, a very successful real estate investor approached me and really believed in me. We talked for about a half hour and to sum it up he wants to be partners in my vision/business. He can provide capital, his network, and himself which he is a self made entrepreneur and real estate investor doing million dollar deals regularly. He understands that there will not be money made in the short term but he really believes in the long term success of this business. He then asked me, "what percent of the business do you want?" I replied I need more time to think about this, he understood so we planned a lunch for this Sunday.
I am not sure how to handle this. I never thought this would happen. I am just trying to create products that solve people's problems and this what I have been focusing on for the past year. It caught his eye and he is really passionate about the subject and wants to get involved. We briefly talked about goals and they are very aligned (help people live better, change the world one person at a time, no fluff bs products, all real valuable meaty content)
I am optimistic about him being a partner because he can add tremendous value to the business, mainly scaling the business. My arms are spread to thin with working 50 hours a week at my day job, marketing, product development, managing bloggers, you know the drill.. I just can't do it all. But I do not want to give up this company. I've put my blood, sweat and tears into this thing and don't want to sign off a big chunk in one sunday afternoon. Would it be fine if I said I want 70% him 30%. Or even more. From an investor standpoint how would you react?
Background on business in 2012:
Products: self help digital products, ebooks, video products, adsense
Revenue: $10,000
Profit: $5000
Visitors to site: 22,000
What kind of questions should I ask him? How can I better prepare for our meeting tomorrow?
Ask me questions I could use your help.
At one of my local mastermind groups I was pitching the vision for the future of my website, its products and impact on the world. After the meeting, a very successful real estate investor approached me and really believed in me. We talked for about a half hour and to sum it up he wants to be partners in my vision/business. He can provide capital, his network, and himself which he is a self made entrepreneur and real estate investor doing million dollar deals regularly. He understands that there will not be money made in the short term but he really believes in the long term success of this business. He then asked me, "what percent of the business do you want?" I replied I need more time to think about this, he understood so we planned a lunch for this Sunday.
I am not sure how to handle this. I never thought this would happen. I am just trying to create products that solve people's problems and this what I have been focusing on for the past year. It caught his eye and he is really passionate about the subject and wants to get involved. We briefly talked about goals and they are very aligned (help people live better, change the world one person at a time, no fluff bs products, all real valuable meaty content)
I am optimistic about him being a partner because he can add tremendous value to the business, mainly scaling the business. My arms are spread to thin with working 50 hours a week at my day job, marketing, product development, managing bloggers, you know the drill.. I just can't do it all. But I do not want to give up this company. I've put my blood, sweat and tears into this thing and don't want to sign off a big chunk in one sunday afternoon. Would it be fine if I said I want 70% him 30%. Or even more. From an investor standpoint how would you react?
Background on business in 2012:
Products: self help digital products, ebooks, video products, adsense
Revenue: $10,000
Profit: $5000
Visitors to site: 22,000
What kind of questions should I ask him? How can I better prepare for our meeting tomorrow?
Ask me questions I could use your help.
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