What is your process to evaluate a potential Entrepreneur Partner?

We are looking to find alignment between HLP and a partner in terms of long-term entrepreneurial objectives, decision-making method and leadership philosophy.  We are not at all concerned whether a potential partner has ever been an i-banker or worked in PE.  They have varying degrees of prior management experience and pre and post-MBA work experience, and they've come from different industries.

Our Process (a basic outline):

  • Introductory conversations, usually focused on fact-finding

  • 4-5 phone or video conversations to explore who you are, where you've been, how you decided this is right for you, your entrepreneurial vision, your management philosophy, what you need from a partner, etc...

  • In-person meeting near you to further establish understanding

  • Reference checks with people who you've worked for, you've worked with and who've worked for you

  • Visit to Halstatt offices to meet the entire Halstatt team

  • Conversation via phone, Skype or in person with your spouse or partner, so they can get comfortable with Halstatt as your partner

  • Thorough background check for criminal or financial

  • Alignment on budget, launch date and search location and search parameters/constraints

  • Offer and acceptance

  • Sign partnership documents

  • Find a great company!

Our partnership process had ranged from 7-18 months.  We believe it’s smart for both parties to take their time in evaluating one other.  The result is that as partners we never wonder how the other thinks or works, and our partner never wonders whether the capital will be there to close the deal.  Once we’re partners we only need to evaluate the merits of an opportunity, not each other.