Credit card's good as long as that cash flow is good. As long as the money's coming in. There's not a problem you've got a job you making those payments. The point of the story today is, it's not a sin. It's not like terrible but it's best not to have those credit cards in your life. You'll be able to sleep better at night and I promise you, the confusion in your life when you do lose your job or you don't have the money will be minimal compared to what it is with those high balances.
Topics: Accountability, Character, Business Coaching, Finances, Balance, Relationships, Success, Significance, Priorities, Tips, Commitment, Discipline, Clarity, Development, Self Development, Burden, Decisions, Crossroads, Wisdom, Encouragement, Leadership, Guide, Determination, Strategy, Mission, Obstacles, Patience, Purpose
The theme of this is, are you counting the cost? The things that you're doing today, are you counting the cost? We've got to be honest to ourselves. We've got to count the cost on the things that we've got and here many of you don't want to do that because you'll have to admit that maybe you made a mistake! It's the sunk bias. It's like, I'm in this far, I might as well stay. Well, that's insanity! We can't keep doing that! You've got to count the cost at whatever you're doing.
Topics: Business, Accountability, Business Coaching, Finances, Success, Significance, Priorities, Tips, Commitment, Discipline, Clarity, Decisions, Encouragement, Mastermind Business, Leadership, Guide, Determination, Truth, Evaluation
I have had about a dozen partnership over the years of me doing business. Don't let people stop your dreams when they tell you that partnerships don't work. That's not true! If they are carefully planned and structured. There has to be an operating agreement!
Here are some tips and things you need to consider so you can create a great partnership.
1. What is the business evaluation formula if we decide to sell? Deposit/length of time/interest rate/etc ( This should be a price that dissuades the partner to sell, not rewards him)
2. What if one partner develops a competing product? Does this negate the partnership? I suggest a length of time for a no non compete.
Who owns the product and platform if you dissolve? What happens if one partner dies?
3. Do I have first right of refusal if the other partner wants out? Will the same evaluation formula be used? Historically, you are penalized when leaving prematurely. This always encourages the partnership to remain in place. It keeps each partner from plotting an early exit. Keeps everyone honest.
4. If a cash influx is needed from the partners are you agreeing to bring your % equal to your ownership %? How much time is allotted for your contribution? What is the plan if the partner says I don’t have or do not want to contribute additional capital?
5. How will the profits/proceeds be distributed? This is a big concern. I suggest a % be distributed and a % be reinvested back into the business. Don’t establish a dollar amount, it always changes as the business grows.
6. When will profits be distributed? Monthly/Quarterly/Annually?
Your needs will always be different. A formula for distribution of profits needs to be in place regardless of your needs. Never distribute based on needs of the partner, this will cause hardship and confusion. Distribute on a schedule.
7. What is the job role/responsibilities, of each partner? Write them out.
8. What is the process if the partner falls on hard times and wants to sell? Non elected, forced ( Bankruptcy, divorce, health, etc..) Formula for evaluation/terms/first right?
9. Is there a dispute clause if you reach an impasse? Or, majority owner holds the red button? This could be a phased approach. 1. Owners decide 2. Trusted advisors decide ( predetermined) 3. Arbitration
Where will the partnership be incorporated?
10. There should be a vision/mission/core values.
You cover these big topics and your future life will be much better, I promise.
Topics: Business, Accountability, Business Coaching, Balance, Success, Significance, Priorities, Blueprint, Preparation, Discipline, Clarity, Decisions, Crossroads, Wisdom, Encouragement, Guide, RoadMap, Communication, Growth, Perseverance, Execution, Obstacles, Evaluation
This is as question I get asked almost invariably, almost every single day.
Masterminds! It is the thing that I have been doing for years!
I'd like to encourage you that you can do the same thing! You can do it, starting right now! Today!
Topics: Business, Motivation, Accountability, Business Coaching, Masterminds, Finances, Community, Relationships, Significance, Priorities, Tips, Commitment, Preparation, Clarity, Development, Self Development, Burden, Decisions, Wisdom, The Mastermind Playbook, Encourage, Encouragement, Be An Encouragement, Mastermind Business, Leadership, Execution
This is going to be way different than the videos that I normally do from the Greenway but I just want to talk to you kind of from my heart, this is unscripted it's kind of an impromptu video. But I wanted to talk to you about something this morning that's really important to me.
Topics: Life Coaching, Accountability, Business Coaching, Masterminds, Career, Community, Relationships, Success, Significance, Priorities, Tips, Commitment, Blueprint, Clarity, Development, Self Development, Decisions, Wisdom, The Mastermind Playbook, Encouragement, Lift Someone Up, Be An Encouragement, Mastermind Business, Leadership, Guide, RoadMap, Execution, Trusted Advisor, Influence
