Seeking Business Partner

CharlieOscar

Not sure if this is the correct thread (mods please move if there is a more appropriate thread).

I am looking at setting up a business in the financial services sector (insurance brokering).

Would prefer to partner with someone who is equally qualified, experienced etc, but aside from networking, finding it very difficult.

Any advice from business owners, or others interested in setting up business in this industry).

mrawkward

So how much fee revenue can you bring in the door from existing clients per annum?

antoinolachtnai

Why don't you join up with and ultimately buy one from somebody who is trying to exit the business (i..e, retiring).

I do know of one well-known company in a related field where the principal is trying to figure out how he will sell the business and retire.

bubbleboy22

I am not sure, that this is the right place to search for business partner. It is really better to go through businesses which are working and ask their owners, if you could cooperate.

Graham

bubbleboy22 wrote: »

I am not sure, that this is the right place to search for business partner. It is really better to go through businesses which are working and ask their owners, if you could cooperate.

I don't see any issue with casting the net as wide as possible. Apparently neither do many others as evidenced by the dedicated 'business partner' thread at the top of the forum.

When seeking a business partner, it is probably a good idea to give some sort of clue as to what you're bringing to the party though.

CharlieOscar

Thanks for your comments so far, as you can see it is a general question, and not a formal business discussion with a prospective business partner, for the purpose of sensitivity, the more appropriate forum to discuss what each of us would bring to the table would be a matter of discussion with each business partner.

The reason for my OP is I am finding it difficult to to engage with the right type of person that would be suitable for partnership, in terms of commitment, ambition, goals etc. along with being in the right place their career/life to pursue a partnership.

Graham

CharlieOscar wrote: »

Thanks for your comments so far, as you can see it is a general question, and not a formal business discussion with a prospective business partner, for the purpose of sensitivity, the more appropriate forum to discuss what each of us would bring to the table would be a matter of discussion with each business partner.

The reason for my OP is I am finding it difficult to to engage with the right type of person that would be suitable for partnership, in terms of commitment, ambition, goals etc. along with being in the right place their career/life to pursue a partnership.

While I get the need for confidentiality, I suspect the complete total lack of information about you or your plans is doing you no favours.

Have a look through the business partner sticky thread and see how many of the posts would entice you to get in touch. I bet there's a number of them you would almost immediately discount as day-dreamers:

http://www.boards.ie/vbulletin/showthread.php?t=2055838808

Even a broad 'my experience is in X and I'm exploring an opportunity in Y' is better than nothing. In fact, just a 'my experience is in....' may even do it.

antoinolachtnai

What is the point in him saying anything more really? The OP wants to open a small insurance brokerage.

There are some obvious problems with this plan (segment is in collapse; OP may not have much in the way of customers) and I think he is going to find it very difficult to find a partner for this. But there is no harm in trying.

CharlieOscar

What do you mean the segment is in collapse. The underlying principle in almost any customer facing customer selling business is if you deliver on customer service you will retain custom and word of mouth is a better seller than any other platform for a small business

antoinolachtnai

I don't be see a lot of small insurance brokers opening, growing or flourishing any more than I see travel agents. Maybe you have other information but I don't see this as a growth area.

The customers are driven more and more by cost rather than by individual how's-your-father style customer service.

The strategy you describe might be relevant if you already had an existing book of insurance clients. But you don't.

If you have years to wait to allow your business to build up through word of mouth you might have a chance. But you probably need to earn a living in the meantime.

Great customer service is not a cheap thing to deliver. Are the commissions and fees big enough to cover it? I haven't used a small broker in years. I found they wre just not able to deliver on their promise. This was probably just because the commissions and fees were too low to cover the real costs.

I am not trying to discourage you by the way but there are market realities to deal with. I certainly agree you shouldn't go it alone.

CharlieOscar

I nee said in my OP that I didn't already have a bank of customers. Maybe I should have elaborated in the OP - I am looking for a partner who also has a bank of customers.

Customer service pays for itself. Delivering what you say you deliver is the fundamentals of being a broker. You build trust with your client and that is how the relationship flourishes.

The reason I have no doubt I'll be successful is I already do deliver time and time again and I have built my reputation on that trait.

So hopefully that explains more / elaborate more on the OP.

antoinolachtnai

CharlieOscar wrote: »

I nee said in my OP that I didn't already have a bank of customers. Maybe I should have elaborated in the OP - I am looking for a partner who also has a bank of customers.

Then you are really looking to acquire or be acquired. You can dress it up however you like but that is what it will come down to. Just linking two businesses of similar size together will not do any good at all for either of you.

Customer service pays for itself. Delivering what you say you deliver is the fundamentals of being a broker. You build trust with your client and that is how the relationship flourishes.

That is good providing you have very large or high margin clients who have large requirements and are happy to pay the extra for best service.

Customer service does not always pay for itself. If it did, there would be four travel agents on Grafton St and Ryanair would be running freight planes to Poland.

The reason I have no doubt I'll be successful is I already do deliver time and time again and I have built my reputation on that trait.

So hopefully that explains more / elaborate more on the OP.

So I wonder why you want or need to find a partner? Do you want more scale, or do you want skills you don't have? Or are you just tired of doing it alone? (I am not suggesting you should answer that question here, but it might be important to think about it for yourself.)

professore

Would prefer to partner with someone who is equally qualified, experienced etc, but aside from networking, finding it very difficult.

We literally have no idea what that means. "Equally qualified" could be anything from a Junior Cert to running Warren Buffett's hedge fund insurance.

CharlieOscar

professore wrote: »

We literally have no idea what that means. "Equally qualified" could be anything from a Junior Cert to running Warren Buffett's hedge fund insurance.

Equally Qualified - qualified (educationally to the same level I am qualified) and experienced (to the same level I am experienced).

If you were not interested in speaking to me directly regarding possible ventures, why make a comment which is antagonistic?

If I was to go into more detail I would be as well to put up my personal CV on this thread!!!!!

Chevy RV

PM Sent

Graham

CharlieOscar wrote: »

Equally Qualified - qualified (educationally to the same level I am qualified) and experienced (to the same level I am experienced).

That would probably have more meaning if you had even hinted at your existing level of qualification and/or experience.

That doesn't mean posting a CV but something general along the lines of I have X years experience in Y and/or a qualification in Z.

As it is you've given no indication whether you're a 30 year veteran of the insurance industry with a substantial client base or a 15 year old schoolboy with a cunning plan.

It appears several other posters are trying to tell you the same thing but for some reason you've decided to get huffy rather than taking the message onboard.