I have been researching some videos on how to create a great partnership. So far my best source has been Alex Hormozi. Here are some of the key points I have compiled from his advice:
To create a great business partnership, consider the following points:
1. Ensure each partner brings unique knowledge, skills, time, or financial resources to the table.
2. Set clear expectations and document them in a written agreement.
3. Align on mission, values, and similar interests, and have a shared vision for the business.
4. Define roles and responsibilities for each partner based on the three main roles: Acquisition (marketing and sales), Product (fulfillment and service), and Operations (legal, finance, HR, etc.).
5. Consider work schedules, vacation time, and communication expectations to avoid conflicts. ⏰
6. Address potential issues early to avoid trouble later.
7. Discuss risks and concerns before entering a partnership and ensure it is based on complementary skills, not just mutual interest or liking.
8. Consider performance-based relationships, like phantom equity, rather than an equity partnership.
9. Focus on equity and debt distribution when severing ties with a business partner, using promissory notes to outline repayment terms for debts.
10. Discuss the future involvement of a departing partner in the business, if any.
Would you have some more advice on this topic? Would you have any bad experiences that you would like to rant about? You're most welcome!
To create a great business partnership, consider the following points:
1. Ensure each partner brings unique knowledge, skills, time, or financial resources to the table.
2. Set clear expectations and document them in a written agreement.
3. Align on mission, values, and similar interests, and have a shared vision for the business.
4. Define roles and responsibilities for each partner based on the three main roles: Acquisition (marketing and sales), Product (fulfillment and service), and Operations (legal, finance, HR, etc.).
5. Consider work schedules, vacation time, and communication expectations to avoid conflicts. ⏰
6. Address potential issues early to avoid trouble later.
7. Discuss risks and concerns before entering a partnership and ensure it is based on complementary skills, not just mutual interest or liking.
8. Consider performance-based relationships, like phantom equity, rather than an equity partnership.
9. Focus on equity and debt distribution when severing ties with a business partner, using promissory notes to outline repayment terms for debts.
10. Discuss the future involvement of a departing partner in the business, if any.
Would you have some more advice on this topic? Would you have any bad experiences that you would like to rant about? You're most welcome!
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
