HELP! Choice between sole or co-ownership for web business

[Cookie]

Hello there,
I run a web business generating around 3K per month. I made everything myself, I'm the sole owner and I still have a lot of ideas to implement.
Today, after talking about my business to a friend, he tells me that he knows some other friends who are interested to build a "better business" based on mine. They try to convince me to build a larger company which would eventually makes us "richer" with new services and so on.
But I don't know them, I don't know if they have money to invest as they suggest and I don't know if it's a good idea to "share" the ownership of my business with other people. They come from some kind of management schools and tell me they know many things about companies creation. But they don't have any companies yet!
I'm self-educated, I read many books like The FastLane Millionaire of course, but the fact of "losing" the full ownership of my company makes me feel uncomfortable.
What would you do?
Did you successfuly build a business with co-owners? and what are the risks according to you?
Big thanks in advance.
Regards

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[OldFaithful]

I've quoted this post before, but I'll refer to it again. Before you take on a partner, may I suggest you read this GOLD thread?
https://www.thefastlaneforum.com/co...-but-am-happier-and-stronger-than-ever.62925/

 

[GuestUser450]

But they don't have any companies yet!

Precisely. Talk is cheap. Keep working on your proven business and outgrow their "better business" strategy.

Funding greases the wheels but it doesn't guarantee anything. In fact, in ignorant/idle hands, it's a slow, expensive death.

If you're both still interested after they've raised money, you can talk about a possible acquisition with your own valuation. Don't give up your equity.

I've had co-founders twice. It's neither good nor bad, just a different dynamic and perfectly fine if the business demands it. But they were there from the beginning.

I'd never give up equity to a new co-owner in a profitable business with the hope of added growth. If I can't do that myself, what am I doing?

 

[Hai]

Dude, i´m not a business pro,but one thing I learned then it is to not get some people who have no track record as partners. It sounds really unserious to me, like they are going to take advatage of you. You are the one who built the business and you are the one with the execution. If they can´t show execution, it is all just their dreams and ideas.
If you want to grow your business you can always reinvest in your business yourself or get the money elsewhere.
If you really want them, hire them and see if it works.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Jon L]

I'd say 'hell no.'

do your own brainstorming and build your own business. When you need help, find someone overseas that can live like royalty for $10/hour

 

[Cookie]

Thank you everyone for your useful answers.

 

[Chris Kelsey]

They're very likely to take advantage of you, even if they aren't typically "bad" people. I would suggest keeping 100% ownership, if they actually will put money down, they need the cash up front before you give any equity. Likely they won't give you a good deal on it either.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.