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. :-)
Access Restricted: Unlock 1,000,000+ Posts
Stop Peeking Through the Keyhole.
Open the Door.
You hit a wall because the best advice isn't free—it's earned. Since 2007, MJ DeMarco has been active here daily (99.9% active rate), building a war room for entrepreneurs who refuse to settle for mediocrity.
- Active Daily: Life-changing content posted dozens of times every day. No dead threads.
- MJ's Inner Circle: Direct access to the author of The Millionaire Fastlane.
- Vetted Network: Connect with founders scaling to 7 and 8 figures.
- Proven Roadmaps: Strategy over motivation. Execution over "hustle porn."
"SCALED TO 6-FIGURE MONTHS"
"Tips and advice here saved me from huge mistakes, others allowed me to scale my business to 6-figure months."— User MitchC
"INSANE QUALITY OF PEOPLE"
"The number of high quality people I've met from this forum has been insane. All of it predicated on building real value."— User Richard Peck
"You are the average of the five people you surround yourself with."
Are you surrounding yourself with success?
