I want to talk to you about how to keep the main thing the main thing. And I am talking about our relationship with our spouse, our marriage. The number one thing that we've done in our marriage to keep it successful is keeping Christ at the center. Our relentless pursuit of Christ I think has helped us more than anything in our relationship.
Topics: Balance, Relationships, Significance, Priorities, Tips, Commitment, Discipline, Clarity, Development, Wife, Decisions, Encouragement, Father, Guide, Communication, Determination, Advice, Joy
10 Tips On How To Create A Great Partnership.
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: Motivation, Accountability, Balance, Community, Relationships, Significance, Priorities, Tips, Commitment, Discipline, Clarity, Decisions, Crossroads, Wisdom, Encouragement, Leadership, Guide, Communication, Execution, Advice, Authenticity, fingerprint, Vision, Purpose
You can make all the money you want, you can be as successful as you want, you can impress everybody, you can own whatever but if your family is not right, it's all useless. That is why I talk about the family about 75% more times than I do business.
Topics: Life Coaching, Character, Family, Relationships, Success, Significance, Parenting, Clarity, Wife, Decisions, Crossroads, Wisdom, Encouragement, Leadership, Guide, Communication, Attitude, Legacy, Personality, Anger
10 Tips On How To Create A Great Partnership.
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, Motivation, Masterminds, Finances, Relationships, Success, Significance, Priorities, Commitment, Preparation, Clarity, Development, Decisions, Encouragement, Risks, Leadership, Guide, Communication, Execution, Trusted Advisor
The best asset you could possibly have is the way we respond.
Yesterday I went to a local medical supply company to buy a little device that I needed. When I walked in I greeted the receptionist good morning and asked how she was and her respond was "Thanks, could be better here but I'm just telling you it's just not gonna be a good day I can already tell!" And I thought öh my gosh! Who is the world they got at the reception!" But she still proceeded to tell me things I didn't have to know. This lady just can't wait to tell me the problem.
You know what I did next? I did not respond. I did not say anything.
If her respond could have been different, it could have been positive I just started laughing inside.
Is that you? Are you like the receptionist? Always looking for an opportunity to pounce on any opportunity that you can to get a word out and cut somebody? To make somebody feel less than so you'll feel better about yourself? Are you that person that sits in the water cooler always talking about this and that?
Lift those people up! It will change the dynamics of your conversation. It changes the air. It changes the attitude. Opportunity starts knocking in! Look for every opportunity to edify, lift up, encourage and watch what happens in your spirit for you personally. Listen, the money will come! I promise you. It will come if you change your attitude. This very day, choose what kind of attitude you're going to bring in any situation that you're in. Go out there and enjoy your family and have a great time!
Topics: Character, Community, Relationships, Significance, Priorities, Tips, Discipline, Clarity, Reputation, Development, Self Development, Decisions, Crossroads, Encouragement, Leadership, Guide, Communication, Advice, Personality
