I want to bring a partner into my business but don't have that person in my immediate network &amp; am looking for suggestions on how to recruit talent to a small shop.
Hi, long-time lurker, first-time poster. I started an investment firm immediately after college after interning for a couple of large shops &amp; deciding that would be the lowest risk/highest reward time to go out on my own. I'm essentially a one-man band &amp; am coming up on the 3-year mark, but I would really like to bring a partner (or two) into the business. My issue is that I don't have anyone in my current network that is a good fit &amp; we're not large enough to bring in top-tier talent via above-average compensation, resources, etc as we're still a small shop ($25m aum &amp; a management co). Realistically, I probably need to find someone looking to start doing deals on the side of their current W-2 that will later make the full-time jump once the pie is large enough for everybody. I don't know how to find this person besides traditional industry networking &amp; waiting until I find the right fit, but that just seems too passive/fickle &amp; I really would like to find someone soon. I'm not the type to hop into business with someone on a whim, so I won't make any rash decisions but I do think the right person would be a big boost for the business. Any suggestions on how to "recruit" someone for a role like this?
[{"id": "iumixlc", "text": "You could hire an analyst and then, if they excel, cut then in. That\u2019d be a fairly low-risk way to screen for potential partners, and you\u2019d be able to pay them a relatively small salary (depending on state/city). \n\nI\u2019m an entry-level associate for a boutique real estate consulting firm and I\u2019d be incredibly interested in the role I just described.", "replies": [{"id": "iuqw2k3", "text": "Most entry level workers would be very interested in leaping from analyst to partner as well. Lol", "replies": [], "depth": 2}], "depth": 1}, {"id": "iumjngw", "text": "I have the same challenge, so hoping to see a few ideas here on your post!", "replies": [], "depth": 1}, {"id": "iump0u2", "text": "when you make posts like this you could at least say what market you are talking about ;p  If you were in my market I'd be asking you out to lunch about now", "replies": [{"id": "iumrt1d", "text": "Ha. I wasn't sure if this would be considered self-promotion (not my intention - just generally looking for ideas) &amp; didn't want to push my luck. I'm happy to provide specific info in a private chat .. but I'm located in a very popular secondary market in the southeast &amp; primarily buy multifamily in the midwest (where I'm from) &amp; southeast.", "replies": [], "depth": 2}], "depth": 1}, {"id": "iumrbcb", "text": "Hire me!", "replies": [], "depth": 1}, {"id": "iumrj2b", "text": "It's probably helpful to know what you're looking for in a partner. Do you need someone who can raise capital so that you can focus on sourcing? The opposite? Do you need a nuts and bolts person behind the scenes or someone who can be the face of the operation?", "replies": [{"id": "iumz1df", "text": "I'm best suited for raising capital &amp; building relationships with brokers, property managers, lenders, etc. Using your words, I'm comfortable being the face of the operation but could use the operational help .. someone that has an analyst skillset/experience &amp; a desire to be more entrepreneurial would be perfect. I could hire an entry-level analyst fresh out of college, yes, but I think I need someone at least a few years into their career at another shop that can bring a different perspective.", "replies": [], "depth": 2}], "depth": 1}, {"id": "iumrzyw", "text": "I wish you luck man finding a good partner in the corporate real estate industry is a very difficult proposition indeed. You need to find someone with a different skill set and your own so you can complement each other they can be strong where you\u2019re weak and vice versa. You need someone with a similar work ethic as well as a certain overlap with the way you view corporate finances. This is a huge and important step for you because it\u2019s going to determine the success of your business going forward. Once you have a partner in a business it is really hard to get out of that business if the partner isn\u2019t pulling their weight. You\u2019re probably better off finding someone like you who already has their own business that is similar in size and is facing the same problems you are and then merging your businesses. At least that way you know your partner would be capable of handling their own business. I tried for years to find a partner for my business and eventually gave up. I wish you luck.", "replies": [{"id": "iun0kdm", "text": "Agree. It's a challenge. I've had a partnership on a deal go south in the past so it has certainly opened my eyes to the challenges partnerships present. Appreciate the insight &amp; sorry it didn't work out for you.", "replies": [], "depth": 2}], "depth": 1}, {"id": "iun26k4", "text": "OP - I\u2019m in a similar situation as you. Own a small REPE firm. \n\nI have a partner whom I bring in on specific deals for the REPE firm but he isn\u2019t involved in day to day ops (which are honestly minimal since I also own a PM company which takes up a lot of my time)!", "replies": [], "depth": 1}, {"id": "iunf2hu", "text": "Try Bullpen ([https://www.bullpenre.com/](https://www.bullpenre.com/)) for a few deals, see if you really click with anybody, and then offer them a job/partnership from there. \n\nFor context, I am a Senior Associate at a mid-size REPE firm in Austin w/ a focus on lodging. I have considered (but not yet pulled the trigger on) doing some work on the side through them.", "replies": [{"id": "iunghvw", "text": "Never heard of Bullpen, will check it out. Thanks!", "replies": [], "depth": 2}], "depth": 1}, {"id": "iuosyt5", "text": "I don\u2019t think anyone will accuse you of spam. Post market and asset type?", "replies": [], "depth": 1}, {"id": "iupk5xx", "text": "PM\u2019d", "replies": [], "depth": 1}, {"id": "iuraaod", "text": "If you're looking to partner or even find a Jr partner go to multifamily events and network. Especially the ones that are syndication oriented. You may need to travel and pay. Bigger pockets, Old Capital, Best Ever, MFIN, Sumrok etc..\n\nPaid masterminds are excellent to find partners too. Rod Khlief's Multifamily Boardroom mastermind has lots of real players as does Raisemasters although that is being diluted with entry level \"capital raisers\" as they start to tier up.\n\nYou'll find plenty of people who just hate being front-facing but bring a host of skills and energy doing COO type work. \n\nMy suggestion is to do one or two deals at a time. Then make it more formal if it seems to work. Also not everyone has large amounts of cash to contribute. Some do. Some have large networks. Some are brilliant at toiling 3-10 years at asset management. Many won't be pedigreed from a top university but have excellent entrepreneur chops and intuition. Find a fit that compliments you. \n\nIf you are looking to just hire an analyst and remain top dog or go top down structure, someone suggested Bullpen which is a good place to start.", "replies": [], "depth": 1}]