# Top Signs You Have The Wrong Business Partner

## Метаданные

- **Канал:** Alex Hormozi
- **YouTube:** https://www.youtube.com/watch?v=yJfn_pWzFqg
- **Дата:** 18.03.2021
- **Длительность:** 12:11
- **Просмотры:** 43,334
- **Источник:** https://ekstraktznaniy.ru/video/16695

## Описание

Download your free scaling roadmap here: https://www.acquisition.com/roadmap-yta58
The easiest business I can help you start (free trial): https://www.skool.com/hormozi
Business owners: Want to scale faster? We provide in-person advisory for companies doing at least $1M per year: https://www.acquisition.com/workshop-yta58

If you're new to my channel, my name is Alex Hormozi. I'm the founder and managing partner of Acquisition.com. It's a family office, which is just a formal way of saying we invest our own money into companies. Our 10 portfolio companies bring in over $250,000,000+ per year. Our ownership stake varies between 20% and 100% of them. Given this is a YT channel, and anyone can claim anything, I'll give you some stuff you can google to verify below.

How I got here…

21: Graduated Vanderbilt in 3 years Magna Cum Laude, and took a fancy consulting job.
23 yrs old: Left my fancy consulting job to start a business (a gym).
24 yrs old: Opened 5 gym locations.
26 yrs old: Close

## Транскрипт

### Intro []

what's going on everyone i have been known as the partnership killer uh and so what i want to share to you with you today is something that comes up on i mean every week on coaching calls with uh you know younger entrepreneurs younger business owners not even younger just other business owners who aren't doing as much and who want more and the question is usually one of two things first is you know what should our roles be within our partnership and then two what do you think of partnerships in general and so what i want to do is share with you a couple of hard hard earned lessons uh that i have and so first right off the bat i think i counted i have nine failed partnerships um and so i just want to say right before you even get going i could be the problem with the partnerships right if you have that many failed partnerships then it's probably you were the common theme so i will say that first and foremost up front um that being said i think the reason that many of those partnerships fell they all happened you know almost concurrently i just did partnership after partnership for partnership because i heard it's like you gotta find good partners um but what i didn't understand was how it actually needed to be structured and how it worked and so there's uh there's a few pieces of that

### When to not have a partner [1:10]

the first is if you're just starting out i think that for the most part it's better to not have partners um and that is because usually it's like you and a buddy and you're like hey we like hanging out we should go into business together when really you're doing that for the emotional need to be satisfied to have somebody to talk to and share the experience with but not because it's a good business decision and the only reason for you to have a partner is because they either have money or skills that you do not have that is it it's the only reason money or skills that's it and so if you both are entrepreneurial people and you're both you know love selling and love marketing you're very promotion oriented which many entrepreneurs are right if that's you then if they're that way too then one of you is not required and you have to really face that so if you both like the same stuff you both shouldn't have your own businesses it almost always fails like literally and so that's the first one the second thing is that those jump into bed together partnerships don't have step number two which is you don't have a contract you don't have terms you don't have an agreement and the reason is because you're so afraid of like messing up the vibe we don't operate that way you will when it gets [ __ ] up at the end but i'm telling you right now i now even when i have somebody who approaches me and says hey like will you take a percentage of my company can you coach me through this blah i say let's go through the lawyers first all right because the thing is you get to see how this person acts under stress because it is stressful because inherently you're going to disagree on things and so this is the perfect experience like perfect time for you to go kind of get a simulation of that it's like what happens if you don't want to work and i want to work what happens if you leave what happens if i don't want to do this anymore like you have to go through all the scenarios and get a good lawyer and you should really have two that represent you uh if you don't have the money for that then get somebody to just counsel you on you know you can google a standard partnership agreement their templates are free online and you can pay one lawyer for one hour of time to at least say these are the things you should look for now you know decide amongst yourselves and so you can represent yourself in your partnership you know agreement but you have to have the agreement and you have to spell it out in clear terms uh because if you don't have that it's like it's the bedrock of good communication and expectations right like otherwise usually like most relationships bit partnerships end because of unmet and unspoken expectations like well i thought you're going to do this i was like well i didn't know but no one even says that because they can't communicate so first is you probably shouldn't just jump together with somebody because they uh they're just like you if you are going to do that then you should make sure that you have contracts in place and then finally what i want to do is kind of explain to you what the three main roles that exist in a business are okay three the three pillars all right i want to see if i have a tripod here all right here we go here's my tripod all right so there's three pillars

### The 3 pillars of every business [4:00]

to every business all right the first is acquisition which is the rainmaker or somebody who's gonna bring in business so that's marketing and sales all right acquisition the money getter all right the second of these is the product which is what you are actually selling it's the fulfillment it's the service it's the widget it's the whatever somebody who knows how to deliver it all right and then third you have the operations which is everything else that has to happen in the company paying payroll paying taxes making sure legal and contracts and uh i. t and uh you know finance and all like the you know your accounting all of that stuff hr has to happen right and so these are the three legs of every business now they're not necessarily equally weighted and that's an it's an important point right like a lot of times there are good operators that you can get for significantly less and many times not even equity because there are more of them right now raid making being able to bring in business is a very highly valued skill in the marketplace on the flip side having the thing the product that you're going to sell is also very valuable now this is why skill stacking is so important if you can have multiple of these skills then you have two or all three of the legs right now your these are the roles that have to exist it doesn't mean you have to be partners with these people but you have to have all three of these things for your business to stand up and so for example within uh the company i'll walk through my roles within each of the companies that i own and so uh the first is gym launch right

### My company example [5:35]

so in gym launch i am both the acquisition and the product right or that was my founding role within the company layla my wife runs ran all the operations so everything else so like i said i t billing legal uh finance hr all of that stuff that had to happen she took care of right super important but because of that we had all three legs of the stool and we were able to build a business right if you're missing one of the legs it's not going to work right and with this is where this is really dangerous is like a lot of the marketing people that are in this world are really good promoters they can get people in they can sell them but then they have no fulfillment they have no thing right and then they have no one who's organized and so everything like you send emails in you try and get help and they don't respond it's because they just don't have the other piece i don't think it's because they're bad intention i think just don't have the skill and so you have to have all three and so if you're going to bring someone in you need them to have one of those things right now you can start a business and own all of it and just make sure that you fill the roles of those people but as you're thinking through it there's the role so if you're going to bring partners in the beginning you want to be clear about what it is that they're bringing to the table now if they're one of those three right then that's a clearly defined role and then at that point that's what you can lay out in your agreement and then you can argue about or you know negotiate whatever equity if you're doing this in the beginning but if you've already started at that point then you can look at the three legs of the stool and see where am i lacking right and so for most of you guys who are listening most people follow me are on the or like the promotion side so they like the acquisition side then what you need to do is find a strong operator all right and depending on what you're selling if you know the thing that you're selling then you can basically be product and acquisition and have a strong second to help you fulfill on those things and basically don't go to jail right and you know get buy your taxes and all the other stuff um and so when i'm thinking about partnerships and when i have you know younger guys who are coming in many times after having discussions with me and then talking to them each other they realize that they have the exact same role they like the same things and one of them is not necessary and so they oftentimes split and that's not a bad thing right it's better to recognize an error early than late all right and so you may be in one of these partnerships where you're like we gotta both do the same thing we kind of just overlap on everything it's like yeah that's just two people working the same thing um and so it's not like you don't want to just be like oh there here's all this work i'll do half you do have that's not a good partnership you have to figure out what are the things where i am good at you are good at and then we draw a line on the board and everything on that side you own and everything on this side i own and i'm responsible for because if everyone's responsible for everything no one's responsible for anything right and then nothing's gonna get done and then you can never know who to blame and someday you're like well he takes out the trash or something i take out the trash and we just kind of we're just like kind of get it done type stupid there's no big business that works away all right and so if even if you are small you need to start thinking big to become big right so you got to do the actions before you get the results you have to have the beliefs before you get the outcomes of a bigger business to become a bigger business and the reason most businesses stay small is because they think small and they act small so they stay that way because the outcome of what they're doing is the result of the actions they're making which are small right and so right now if you're in a partnership if you don't have a partnership you're thinking about starting a business i would definitely try and just acquire the skills myself get going and then the first hire i'm going to have is going to be a strong operational second all right it's the first thing i'm going to do if you are in a partnership you need to put all the activities that you do on a board i do this when i do consulting stuff but all the activities that happen in the business on a board if you don't know what it is you do a time study which means you write down every 15 minutes what you do in a week right because you probably don't know because you're scattered all over the place so if you write it all down and you both bring it to each other and you put it on a whiteboard or board then what you can do is say okay these are all the things activities that happen in our business let's divide these out and say who owns these all right and that's the very beginning of an organization because you are becoming organized you are creating roles and responsibilities you were creating specialization of skills which is what moved humanity forward specialization is a good thing right and so the very beginning you get all of it on there and you can divide it out based on the skills of the person if you both have the same skills then either you decide okay well i'm going to become a specialist in this and you're or we shouldn't be doing this business together and you should do a business that's just like mine or something else and you should become and you should be that role for that company and you should find a second just like i will all right and oftentimes if you can at least think that way then you don't lose you don't liquidate the most valuable thing in the whole world which is your equity all right because if your thing actually does grow if your business actually does grow then the biggest dilution of how much money you're going to make is that first decision when you started when you just decided just right off the bat to give half of everything away all right and i've made this mistake nine times um and uh it took me and you know i haven't had a partner in four years and i've made all of the money in my life post partners and so um there's also other factors you want to look at too like what kind of you know what kind of working schedule do you have how much vacation time do you wanna have are you gonna work weekends do you work late at night do you work in the mornings do you expect each other to be responsive like there's all these little things that you need to make sure you dial in because if you don't it's just going to cause trouble later and it may be hard conversations for you now but believe me it'll be much harder later when the expectations are not being met and now you have money involved all right so anyways these are the things i think through when i'm looking at partners and partnerships and why oftentimes i do break up many partners because they don't start them for the same for the right reasons um and so i hope you found this valuable if you have a partner talk to them about it show them this video um and uh keeping amazing and uh lots of love oh total bonus um i have noticed that works really well so many times is married couples uh married couples starting business together they already have usually differences in skills and different dynamics and so that usually works well usually one of them is the more go-getter hunter killer right you know the acquisition side and the other person's usually the more organized more stable um you know more even-headed like does all the ops in the back the back-end stuff right and so even just thinking about front-end and back-end is a good way to start and that's why i love having married couples in general because they almost always are successful if they can just eliminate those skills and they usually already have even without speaking they already unknowingly have made a lot of these specializations that's why a lot of times they're more successful they also have the interpersonal emotional uh sounding board to bounce things off of and also relieve some of the stress that inevitably comes when you're running a business so anyways hope you enjoyed the video hope you found this valuable uh you know share with your partner or potential partners and uh see in the next vid bye