Do not be afraid of doing something new. If it doesn't work out right well okay, you can say, "Hey, I tried!" If it didn't work, pivot change. Do something else but do not be afraid that it's going to fail. Do not think what other people will say or how they are going to view you. Do not allow any fear to keep you in a place - a place that you're not going to experience the life that you want. It's okay to make a mistake. Failure is in not trying not in not succeeding. Shift your mindset! Go out there and go for it. I want to encourage you today to stop being afraid. Pull the trigger! Do something, try something, do it methodically, don't think you have to do it all at one time right. If you're in a spot that you don't enjoy, transition slowly. Get accountability, get people around you that can help you. Incrementally implement a process and a system and a plan that you can work your way out of where you're at.
Topics:
Motivation,
Masterminds,
Significance,
Priorities,
Tips,
Move Forward,
Clarity,
Development,
Self Development,
Burden,
Decisions,
Crossroads,
Encourage,
Encouragement,
Be An Encouragement,
Guide,
Determination,
Perseverance,
Execution,
Trusted Advisor,
Experience
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
Do you want something or go somewhere but you don't want to get out of your comfort zone? Figure out a way! Don't look for excuses to not do the things you have to do!
Topics:
Motivation,
Accountability,
Character,
Masterminds,
Success,
Significance,
Priorities,
Tips,
Commitment,
Persistent,
Move Forward,
Discipline,
Clarity,
Reputation,
Development,
Decisions,
Crossroads,
Wisdom,
Encourage,
Guide,
Determination,
Execution,
Trusted Advisor,
Advice,
Attitude,
Procrastination,
Obstacles
Last year, there was a leaky faucet outside the hydrant. It was dripping and I kept saying I'll fix that next week. Then, the weather went crazy cold and I still have not fixed it and I guess you know how that turned out.
I thought about how that equates to our personal lives. We keep having that mentality "I'll take care of it later." What decisions are you making today that are going to affect you adversely 30, 60, 90 days from now? I want to encourage you today, take an inventory.
Topics:
Life Coaching,
Accountability,
Character,
Family,
Relationships,
Success,
Significance,
Priorities,
Tips,
Parenting,
Commitment,
Persistent,
Consistent,
Integrity,
Discipline,
Clarity,
Development,
Self Development,
Decisions,
Crossroads,
Wisdom,
Encourage,
Encouragement,
Risks,
Leadership,
Father Figure,
Determination,
Perseverance,
Execution,
fingerprint,
Attitude,
Procrastination
Do you have projects that you need to accomplish and you don't know where to start? Check out my tips that can help you move from where you are to where you want to be.
First one on my list, break down your vision into smaller goals!
When you have a big goal, you might think it is good to work on the entire task list and get it all done quickly. But the best approach is to break your vision down into smaller chunks and execute them in parts. This ensures incremental progress towards getting the job done without any procrastination.
Want to know the rest of the tips?
Head HERE.
Topics:
Motivation,
Accountability,
Coaching,
Character,
Masterminds,
Success,
Significance,
Priorities,
Tips,
Commitment,
Move Forward,
Preparation,
Integrity,
Discipline,
Clarity,
Development,
Decisions,
Wisdom,
Encouragement,
Be An Encouragement,
Guide,
RoadMap,
Determination,
Execution,
Advice,
Strategy,
Vision Driven Leader
