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Tuesday, January 14, 2014

Is This Person a Good Business Partner or Just Filling a Hole??

I've had my fair share of real estate investing partners. Some good, but mostly about average. We always made money, but things were definitely lacking which would have pushed those partnerships from good to great.

I think the first thing one should do when considering getting into business with another person is to each write out your vision of where you want to be in 5 and 10 years and what that looks like. Don't share ideas. Do it privately and then exchange info. I say this because the immediate feedback you might get from the person you are courting could cause you to bend your vision to be more inline with what that person might be thinking in hopes of getting a 'yes.' Don't do this. Stick to your guns. If the person you are contemplating going into business with does not have the same vision as you over the long term, it simply will not work. Trust me.

I've fired my fair share of partners. I've always been the one to walk away due to the lack of long term vision that was inline with my goals and dreams. The income achieved was never in the quantity and manner which I saw possible for myself. I have always wanted to build an investing business. Bricks and mortar. It doesn't mean I have to be there 8-10 hours/day, 5-6 days a week, but why shouldn't my staff, the more intelligent people I hire to help me realize my vision. And it's big. Trust me.

I'm now on the precipice of a new joint venture. As the dreamy eyed romantic states, I believe this is 'the one.' We'll be launching soon and I definitely foresee big things. Systems are being built. Staff is being trained. It's a well oiled and tested machine. Unlike NASA, I won't send an expensive machine into uncharted territory and hope the parachute opens. The machine we're about to unleash has traction.

I do think partnerships are, not good, but great. Nobody gets there alone. Find a partner and look for one that has the same vision as you. Don't worry about skill sets, those can be hired. That has always been my mistake. I've partnered with people who could do things I couldn't. I've wasted a lot of time learning that it would have been more productive and less costly just paying someone to do those things I couldn't or didn't want to instead of giving the partner half and not ending up where I wanted to be.