Episode 16 – Should I Partner?
Think about it: Two minds, two budgets, diverse experiences, and more knowledge; all that can be archived by simply having a business partner. If you think about what two people can achieve when they combine forces, it’s easy to see why most partnerships are a thing of pure excitement. In fact, the likelihood is that you know your potential partner from work, is an old friend, or a family member means that the trust levels are high.
However, before you commit to anything, before you get carried away, I want you to step back and think of what you’re getting yourself into. First, a business partnership is a long-term commitment, and a lot will change throughout its development. Just like a marriage, there are things you will be able to anticipate and ones that will catch you off guard. I’ve seen far too many partnerships fail all because the parties involved ignored six filters that are absolutely crucial for the success of a partnership.
Listen in as Seth goes through the patterns he’s observed through many partnerships over the years and talk about the 6 filters you need to view your business relationships through to protect yourself and your entities before committing to a partnership.
What You’ll Learn:
[00:19] Should You Partner?
[01:38] The Only Ship Guaranteed to Sink is a Partnership
[04:10] Success and Failure Patterns in Business Partnerships
[05:13] The Six Key Filters For Successful Business Partnerships
[06:10] The Number One Reason Why Most Partnerships Fail
[08:05] Understand that Partnerships are Business Marriages
[11:30] Why You Need to Analyze the Downsides of a Partnership Before Partnering
[12:30] Values and Similar Decision-Making Criteria
[14:30] Why Partners Should Be Clear About Roles and Responsibilities
[19:45] The One Key Exercise Present in All Successful Partnerships
[21:40] The Owner Hat and the Responsibility Hat
[25:07] The Benefits of Being Clear On The Terms and Conditions
[28:20] When and How to Have a Discussion on Potential Termination of a Partnership
[32:34] Parting Thoughts
