Is A Partnership Right For Me? – Episode 1 – Part 1
On this business coach training Thrivetime Show host Clay Clark is going to be breaking down whether or not a partnership is right for you. As he gets into the topic of figuring out if you should find a partner to start a business where he will be going over how to list out the pros and cons and skills brought to the table by potential partners. When having a partner there are many things that you need to understand before entering into any type of legal agreement. First you must establish who is in full control. Do not enter into a partnership that is considered 50-50 because you must operate under the principle that anything with more than one head is a monster and you must kill it. Even if you decide to do the business as 51-49 Some person will have to have the power to make a decision and turn that decision and action if need be. Another principle that you need to understand is that when entering into a partnership you should always pre-plan out your exit strategy. According to Forbes magazine eight out of 10 businesses fail and nine out of 10 start up scale. The goal is for you to succeed but you must understand that if the worst were to happen you need to have a well thought out strategic exit plan in place. If the time Calms to have to dissolve the business or fire a partner you will want all of the paperwork and legal aspects taken care of so you can do what’s best for the business. If you need to learn more about what’s best for your business and you need to come out to our next in person workshop where we will spend two days covering all of the 13 systems on the proven path to success. At the Thrive world headquarters we will teach you how to build a scalable system driven business they can operate without you on a daily basis. The goal is for you to achieve time and financial freedom.