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
Ditching our ego will take us places we have never seen. Putting down the pride will make us do the right thing, we will be amore coachable and learn more at the same time. It won't be easy to raise the white flag and surrender but it's doable.
Topics: Life Coaching, Accountability, Character, Community, Relationships, Success, Significance, Priorities, Commitment, Discipline, Clarity, Development, Self Development, Decisions, Crossroads, Encouragement, Leadership, Truth, Personality, Ego
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
Great habits and good company have a way of turning times like this from tragedy to triumph.
While I was working on the new personal assessment that I'm putting together for our community. When I was reading through the family section, it kind of touched me, my own heart. I started thinking about my own family, and my daughters and my grandkids.
Guys, listen, I want you to lean in. Family is the most important dynamic of what we deal with each and everyday. I am all fired up about making money. I love to make money. I never want to take away from making more money today. Don't hear me wrong. I'm not saying making money's wrong. I want you to go make all the money that you can. Absolutely. What I don't want you to do is do it at the expense of your family.
And what's difficult for some of you guys to hear right now is you're young, you've got a lot of financial obligations and responsibilities ahead of you. I know you're torn. I get it man. Listen, believe me, for 40 years I've been getting that. I understand it. But some of you guys are doing this success thing at the expense of your children.
Anybody can be a father but it takes a real man to be a daddy. I want you to build those boundaries. And be careful. When you come home at night and your little Billy or Susie says, "Daddy can we play?" Man shut those electronics off and go out in the yard and play with those kids. They never ever will ask you "Hey Daddy, how much money did you make today?" They don't care. What they want is your time and listen. Spend the time with them. Don't cheat them out of the most important part of your day.
Don't come home exhausted. Man up and go out there an play with those kids. And I promise you the returns on that time invested will be invaluable.
Don't waste your whole life coming home one day with a pocketful of money to a house full of strangers.
When you get old like me, fat and bald headed, you can look back and not have regrets.
Again, make all the money you can but man when those kids come up to you and say "Daddy can we go out and play?" Just answer "Yes, I'm on my way!"
Topics: Motivation, Accountability, Character, Masterminds, Family, Balance, Relationships, Success, Significance, Priorities, Parenting, Commitment, Discipline, Clarity, Reputation, Development, Decisions, Encourage, Encouragement, Leadership, Father, Father Figure, Advice, Expectation, Legacy, Personality
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
