Finding the Perfect Partner
Last week we made some very large advancements to Purlem’s back-end. In a nut-shell, Purlem is now setup so that a team of developers can work on the application at the same time in a secure environment. This is a HUGE milestone for Purlem – allowing me to finally step away from being the sole developer, and moving my focus towards growing the company.
So… first things first – I need to find a partner. That, is easier said that done.
Last year I thought I was at a point to bring on partner, so I started a similar search by posting a craigslist ad. I began moving forward with one of the first people that responded to the ad. I decided to meet him at a Starbucks to talk further about how he might fit in with Purlem. And of-course (it’s such my personality), I get all excited that he is a perfect fit. Not only did he live in Chicago, but he also had the technical experience, and prior experience working with PURLs! What?!! This is way took good to be true. It is meant-to-be!
But there were a couple things wrong with the situation that eventually caused it to fall apart. The largest problem came from agreeing on the equity split. For the first few meetings when we spoke about equity, we always said that we would work out somethign that would make sense for both of us. Little did we know, that in the back of each-others heads, we had compeltely different numbers in mind.
From my research, I found that an average equity split for a CTO in a startup is 7%. If the CTO were a co-founder, then the number would be more like 20%. So I figured the agreed upon number would be somewhere in between (as he was not a co-founder, but he was also taking on a little risk joining on to a company so early).
So when it came time to get a lawyer involved and talk numbers, we were at odds. He was thinking more like 40%! And although we tried to work back and fourth to come up with a solution, the partnership ended up falling apart even before it began.
Looking back on that experience now, I’m glad it worked out that way. I was way to hasty with such a crucial decision. Moving forward with the first person I “interviewed” with (by justifying that it was meant-to-be) was not allowing me the experience necessary to really hire the right person for the job. Sure, he was a great guy, good personality, strong developer. He is going to do very well for himself. But was he really the exact right cultural fit for the job? I wouldn’t know because I just jumped right into it!
This experience taught me to be patient as I begin to embark on the next phase of Purlem’s growth.
Moving forward with my partner search, I plan on doing more networking at Chicago startup and developer events. I want to begin to form real-world relationships with people in the community. I often joke (some-what seriously) that I probably won’t find my partner at the event itself, but enjoying a few cocktails afterwards.
Beyond that, I plan to contract out small development projects to developers in Chicago. Possibly another good way to begin forming relationships with a potential partner and/or employees.
Either way, this first hire will be extremely crucial to the success of the Purlem. Our relationship will set the foundation for the culture of Purlem moving forward, and this time I will not take the decision so lightly.












