Our partners are certainly welcome to work within our Naples offices, but we don't expect it. They come down here to visit periodically, and we travel to them regularly. Our expectations about where partners conduct their search are the following:
The Eastern half of the US. We believe it's important for partners to meet face-to-face, regularly. Naples isn't the easiest place to get into and out of, and it's very difficult to get to the Western US from here. If our partner finds the right deal in Seattle, we'll work it out, but during the search we would prefer the Eastern half of the US.
Proximity to educational institutions. Interns are valuable for many reasons: management practice, helping you increase your capacity to find and contact companies, energy in the office, etc. We believe that working in the same office with them is better than managing them remotely. Working somewhere with lots of good colleges increases your chances of finding good interns.
Ease of travel. If the prior two conditions hold, this one probably won't be a problem. Life is easier if you can fly direct or drive via an interstate.
Proximity to other entrepreneurs and searchers. This can be a lonely 2-year road. It helps to have people around you who are also trying to do hard things.
Reasonable cost of living. This isn't a deal-breaker - one of our partners is based in Manhattan. The biggest line-item in each search budget is the cost of the searcher. If you live someplace reasonable, you’ll need less capital.