Why Partnerships Make You Poorer

0:00should only have to get rich once. In other words, don't bet what you have in need for something you don't have and don't need. And some of the gravest mistakes I made manifested in, for example, me getting into a partnership that I shouldn't have gotten into because I wanted even more faster. Now, when you get into a partnership, which is usually the time where you put the most risk on the table. One is you guarantee the largest decrease in your earning power. You pay with the most expensive thing you have, which is equity, to somebody else. And so people get obsessive about what their their you know, 5% 10% later when we're making money, but day one they're like, all right, we cut the pie in half. Oh, we cut the pie into thirds. Right up front before anything's really happened. If you work with a partner or decide to partner up with somebody, one of your friends, one of your co-workers, this is coming from somebody who has nine failed partnerships before I met Layla, and then that has now worked and now have successful partnerships.

0:55A partner needs to have one of these three things that you do not have. They either have to have money that you don't have, and then the clear contribution is that money. They need to have experience you don't have, and the clear contribution is that experience. Or number three, they have time and energy that you don't have, and the clear contribution is that time and energy. And so I added that second part on is that just because someone has experience, if they're not contributing it to the partnership clearly, then you're still not going to get the benefit from it. If they have the time and the energy, but it's not clearly defined how they're going to invest that time and energy into the things you both get a return, then it's not going to be a good partnership. And I've lost so much money in partnerships, especially early on. One of my two big losses was from a partner, and a big part of it was I was insecure, and I thought I just had to have somebody else cuz I was afraid to do it on my own. Real quick, if you're a business owner, and you're not growing as fast as you'd like, I'd like to give you a free gift. So, my team and I put together the $100 million scaling road map, which is basically 200 hours of us looking over all the portfolio companies we've had, and what stages of growth they went through, and more importantly, where they got stuck and how they got past it. And so, we broke it into these 10 stages, and we made this little kind of quiz thing where if you put in your business information, it'll tell you where you're at, and the most important part for you, what to do for each of functions of the business across product, marketing, sales, customer success, recruiting, IT, human resources, and finance. And so, no matter what you're struggling with, someone else has already struggled with it and solved it. And so, I'd like to give you this thing absolutely free. You can go to acquisition.com/roadmap, plug in your business information, and if you want us to actually help you deconstruct the business, and you're trying to scale, we'd love to help you out. On the thank you page, you can just book a call with my team, and we will look at the business, see if we can help, and if we can, we'll invite you out to Vegas, and we'll do this in person live.