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It would be useful for you in your search for the right webmaster if you can describe your goals and expectations. That doesn't have to be technical, but it should be measurable.
You might be able to find local groups where internet marketers, designers, agencies and'or hackers show off their work, presenting case studies. These types of presentations can give you and idea of what's possible, what can be measured, how long successful SEO and internet marketing campaigns run, and what market rates are.
As far as payment, you can hire someone as an employee and pay hourly, as a consultant on a per project basis, hourly, with bonuses for timely completion or meeting/exceeding goals. You could form partnerships and share revenue. you could hash out some sort of trade.
I am somewhat interested in partnerships and receiving original content or performer's work in trade, but it would be much more straightforward to get paid by check, paypal, etc.
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