To Offer Partnership Or Not?

joeythompson

Hello,

I'm looking to launch a catering company with a twist, and I'm looking for an executive chef. However I don't have funds to pay for a chef salary as it is a startup and likely won't be getting steady business for about a year possibly two.

My question is, would I be better off offering a percentage of the company towards the chef (20-30% of profits) or better off paying him a salary out of pocket and going into debt the first year?

Thanks

ludoviciprosh

I'm not sure a chef will accept only 20-30% of your company particularly if not paid. As a chef brings his reputation and knowledge and sometimes clients.

Don't create debt to pay salary. That s not really safe.


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