Finding a partner for a new Consulting Firm

Where to find a business partner for a financial consulting firm

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I've recently been made redundant due to covid, and am looking to start a consulting firm offering virtual-fd services and ad hoc advice (i.e financial modelling, fundraising support, reporting and much more) to early stage and growth companies. I have extensive experience working with start up companies and am relatively well connected. I've developed my business plan and am working on the branding with an agency. However, I really do not like the idea of working alone and I'm very keen to find an equal partner in the business, a technically strong ACA or ACCA accountant (I am CIMA) who has similar experience of working with small companies. My friends who work in accountancy mostly work for big firms and I would not want to risk working with a friend anyway. Does anyone know how I might find such a person? Are there any specific networking events or forums?

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By WhichTyler
25th Jun 2020 21:53

Might be worth working as a contractor for one of the existing virtual FD firms to begin with? They'll have a pool of clients already

Oh and location matters

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By bernard michael
26th Jun 2020 09:16

Done that - the key to it is how you get your clients.Try it on your own first to see if it can work. Having a partner is a good idea but why not from a different skill eg marketing. This broadens the scope of what you can offer. We found found that clients first wanting one skill then often migrated to the other

Good luck - it's scary initially but great fun long term

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Replying to bernard michael:
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By Sara79
26th Jun 2020 11:45

Thanks that is good advice - I actually have a lot of friends who are marketing/branding/design consultants so I was considering a strategy to refer each other- so great to hear it has worked for you! I am still very keen to find an accountancy partner though, as I have consulted in the past and am not keen on working alone, and find working with others more fulfilling and good to bounce ideas off .

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paddle steamer
By DJKL
26th Jun 2020 10:07

You possibly ought to give an idea re your/proposed business location, you might find your Blind Date on this very site, prospectives could PM you

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Replying to DJKL:
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By Sara79
26th Jun 2020 11:46

It is London. Good point re finding someone on here.

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By Sara79
26th Jun 2020 11:46

Apologies I should have been clearer - I am London based and would expect the majority of my clients to be London based also. Please PM me if you think this is something that would interest you.

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Red Leader
By Red Leader
26th Jun 2020 13:26

It's a very personal decision, but I think most of the sole practitioners on here would run a mile from partnership.

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Replying to Red Leader:
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By bernard michael
26th Jun 2020 13:33

I would run from an accountancy partnership.but marketing people are strangely different. with interesting attitudes

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Replying to bernard michael:
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By Sara79
26th Jun 2020 13:43

Interesting. What are the main reasons you would run a mile? Would be useful to go into this with my eyes wide open!

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Red Leader
By Red Leader
26th Jun 2020 14:37

Sara Hampson wrote:

Interesting. What are the main reasons you would run a mile? Would be useful to go into this with my eyes wide open!

My take on it (I use "partnership" in the broad sense rather than the legal) :
a) Chose self employment to be my own boss. Why dilute that by sharing decisions with a partner?
b) What if one partner doesn't pull their weight, but profit share stays unchanged?
c) Partnership is like a commercial marriage. Needs a lot of work and compromise from both parties to make it work. Can be messy/acrimonious to "divorce". May require a "pre-nup".
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Replying to Red Leader:
paddle steamer
By DJKL
26th Jun 2020 14:46

Partnerships can work if both have their niches and there is not too much trespassing, unless of course you are solicitors in which case you will eventually end up litigating yourselves to oblivion.

Whilst most partnerships we come across via our work are family ones not all are, I am employed by a partnership owned by two individuals, unconnected by family, who have managed to rub along together since the mid 1970s , each brings something different to the table and they are both smart enough to recognise this fact.

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Replying to Red Leader:
Red Leader
By Red Leader
26th Jun 2020 15:32

I think partnership is often thought of as a solution to a problem. If the problem is defined more precisely, usually there is another solution that isn't such a sledgehammer.

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