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!
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