Dear FutureMoneyTrends.com Member,
Whether it is with an investment club or an actual business partner, teaming up is a way to supercharge your wealth building plan. There are a lot of reasons to partner with someone – and many combinations – with the most common ones being:
- Partner A has money and Partner B has skills
- Partner A an idea and Partner B knows how to get it done
- Partner A & B are friends or family
Key to a Successful Partnership
The key to a successful partnership is shared values. It doesn’t matter if one partner is paperwork-savvy and the other is a great salesman, or if one has money and the other doesn’t. What matters is that the partners have the same life and business values.
Let me share two partnership stories in my own life: one very successful one and one that was successful, but strained a relationship for a short time.
Several years ago I partnered on a business with a very close friend. I was partner A (I had the money) and he was partner B (he knew how to get it done). What I learned was that even though we were great friends, we were horrible business partners. I was a master delegator, and he was the do-it-yourselfer. I wanted to hire people to help us with the work, and he wanted to assign every job to himself. This, of course, created tension.
You had one person doing 90% of the work – because despite his values of doing everything himself, I refused to turn all of my available time into work – when I preferred to hire out these duties. In the end, we both made money, so the friendship continues to this day.Luckily, things didn’t get ugly with a financial loss, because you just never know how it could have gone. Blame and anger are easy to rise up when times are bad and money is being lost.
The most successful partnership in my life and one that still reigns today will likely last for decades. Having problems, disagreements, failure and frustration are all normal. Success, of course, helps. There are not too many complaints when everyone is making money, but the real key to this partnership working is shared values.
We both have a real desire to build something of legacy and the belief that a rising tide lifts all boats, meaning we reward everyone who helps us, and, most importantly, have a clear goal that the business is designed to give us the financial independence to focus on other things we enjoy doing. Other natural characteristics help as well, like both of us being neither lazy nor workaholics. Each of us has skill sets that help drive the business forward.
Building a team to help you will also add to the “getting rich is fun” part as well. Consider some of the people in your own life. If none of them seem to be a match, go meet new people. A good business partnership can be very rewarding, especially since it divides work duties, time and even real financial risk.
Episode 30 Weekly Wealth Digest