T-Minus 1 Day: Deciding on a Backer

I've never been staked before and found the prospect of starting the staking process to be somewhat stressful. 

Finding a backer is so much more than finding someone willing to take a risk on you.  Finding a backer is about initiating a business relationship and it is important that you and the backer are a good fit. 

My prospects narrowed down to two choices:
1)  A CEO type-A jerk with deep pockets
2)  A caring business woman whom i've dealt with in the past

I had more potential options but was reluctant to approach various friends/fellow players whom I play against on a daily basis.  It would just feel strange going to the same casinos and sitting at the same tables with people who would be backing me. 

Ultimately, I decided to go with option #2 and I can tell that I made the right choice.  She is a geniunely good person which will be important support-wise as i'm grinding through the weeks and months.  The staking is lower than what option #1 was willing to bear, but it is adequate and that is all that matters.  

Staking deals vary depending on the level of risk the backer is willing to tolerate, the skill and track record of the player in question, and of course the amount of the stake.  With all this in mind, we came up with a deal that we both feel good about. 

My backer is willing to assume 100% of the risk and in return I will payback on a weekly/bi-monthly basis with the goal of hitting a ROI of 300% within six months.  In addition, regardless if the 300% ROI has been reached or not, I will be splitting 50% of all tournament winnings within this six month window with my backer. 

Based on my winrate and record over the last year and a half, i'm very confident i'll hit those numbers.  This is an area that gets many poker players in trouble.  Most players think they are better than they are and don't have proven track records... 

Well, I just finished typing up the contracts and sent them to my Backer who I'll refer to as Ms. J throughout this blog. 

She agrees, says everything looks good, and we will be starting this relationship tomorrow.