Some of you are tightwads! You are too tight for your own good. You can not save your way in to wealth and prosperity. You can’t increase revenue or sales if you are stepping over dollars picking up dimes! You have to be willing to spend money to take you to places you want to go! We have to prioritize our priorities. You got to have the tools you need to go to the next level!
Topics: Business, Accountability, Finances, Balance, Success, Significance, Priorities, Commitment, Discipline, Clarity, Development, Self Development, Decisions, Crossroads, Wisdom, Guide, Vision, Mission, Expectation, Evaluation, Purpose, Ambition, Investment
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
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
I have a tough thing for you to do that I'm about to challenge you with. But I want to encourage each and everyone of you to just try this. Bear in mind for you newcomers I've got 38 years of experience in business and I've been an entrepreneur since I was 18 years old. So I am going to give you a task to do and just trust me on it. I promise you it will pay big dividends.
Here's the thing I want you to do, help somebody that could be perceived as being in competition with you. You say "Big A, you lost your mind!"
When you have a mindset of scarcity, that's exactly what you get. But when you have an abundance mindset, I am telling you it changes your whole world! And I want to encourage you guys today to go out there and help people. Give them the connections, the introductions, walk alongside them.
Topics: Motivation, Character, Finances, Community, Relationships, Success, Significance, Priorities, Discipline, Clarity, Gratitude, Crossroads, Encouragement, Lift Someone Up, Be An Encouragement, Guide, Legacy, Personality
Financially and geographically speaking, if there is no restriction, what would you do tomorrow morning? Quickly answer this question, if you can't there's a problem!
Topics: Accountability, Character, Finances, Balance, Success, Significance, Priorities, Tips, Commitment, Move Forward, Blueprint, Preparation, Discipline, Clarity, Development, Self Development, Decisions, Crossroads, Wisdom, Encouragement, Be Happy, Guide, RoadMap, Determination, Advice, Vision, Obstacles, Experience
