How To Unlock Your Potential. Guest, Brian Powers

Got

it.

You know, I worked for a company once that had two owners.

They were equal partners.

They were always at each other's throats.

They actually went to a marriage counselor because they had been together for so long.

They went to a marriage counselor and the marriage counselor suggested that they bring in a A third party.

So they brought in a person to be the president of the company, you know, to kind of do the day-to-day things.

And that made it worse because now you had three people that didn't like each other.

Ultimately, the company is no longer in existence.

But I think the mindset that each one of them had was they weren't compatible with each other.

You know, you've got to be...

I guess if I was able to give one suggestion for someone that was considering a partnership, it would be to understand that it's about relationships and understand that you're going to have ebbs and flows and you're going to learn a lot about each other.

But you need to structure a business relationship well.

We're not talking about a personal relationship now, like a marriage.

We're talking about now more of a business relationship that it's OK to have a 50 50 split on the income, a 50 50 split on work duties, things like that.

But when it comes to decision making, you really need to have one partner be the final say.

You need to have 51 percent of the voting rights because someone has to take.

the responsibility.

Someone has to be the final call.

And you need to find out, identify who in the business that ought to be.

But that would be the single piece of advice that I would give to anybody considering doing a partnership.

And it's fine, again, to split everything and to keep everything equal.

But the voting, you need to be able to have direction because you can come to impasses and then it becomes a you know, just a fighting match of wills and things like that.

And ultimately, sometimes, you know, when you were saying, oh, the marriage counselor suggested to bring a third party in there, sometimes having, you know, a third person in there can be a helpful thing if you have like, OK, well, two thirds of two of the people agree, then that's the direction we're going to go.

Got

it.

You know, I worked for a company once that had two owners.

They were equal partners.

They were always at each other's throats.

They actually went to a marriage counselor because they had been together for so long.

They went to a marriage counselor and the marriage counselor suggested that they bring in a A third party.

So they brought in a person to be the president of the company, you know, to kind of do the day-to-day things.

And that made it worse because now you had three people that didn't like each other.

Ultimately, the company is no longer in existence.

But I think the mindset that each one of them had was they weren't compatible with each other.

You know, you've got to be...

I guess if I was able to give one suggestion for someone that was considering a partnership, it would be to understand that it's about relationships and understand that you're going to have ebbs and flows and you're going to learn a lot about each other.

But you need to structure a business relationship well.

We're not talking about a personal relationship now, like a marriage.

We're talking about now more of a business relationship that it's OK to have a 50 50 split on the income, a 50 50 split on work duties, things like that.

But when it comes to decision making, you really need to have one partner be the final say.

You need to have 51 percent of the voting rights because someone has to take.

the responsibility.

Someone has to be the final call.

And you need to find out, identify who in the business that ought to be.

But that would be the single piece of advice that I would give to anybody considering doing a partnership.

And it's fine, again, to split everything and to keep everything equal.

But the voting, you need to be able to have direction because you can come to impasses and then it becomes a you know, just a fighting match of wills and things like that.

And ultimately, sometimes, you know, when you were saying, oh, the marriage counselor suggested to bring a third party in there, sometimes having, you know, a third person in there can be a helpful thing if you have like, OK, well, two thirds of two of the people agree, then that's the direction we're going to go.