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10 Tips On How To Create A Great Partnership

Posted by Aaron Walker on Mar 22, 2021 9:00:00 AM

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

Are You Interested Or Committed?

Posted by Aaron Walker on Feb 26, 2021 9:30:00 AM

People ask me all the time in coaching because I coach guys every da...."Big A,what's one of the best things that I can do to be successful", and I'll tell you right now.... it's to be committed! Not just interested!

Many of you have great ideas. I want to tell you right now the idea is not the problem. The problem is you're interested but you're not committed! You've got to say, "I'm willing to burn the ships". "I'm willing to set this aside". "I'm willing to delay gratification for the greater good of this project".

 

 

Topics: Accountability, Character, Masterminds, Community, Success, Significance, Priorities, Tips, Commitment, Integrity, Discipline, Clarity, Development, Decisions, Crossroads, Leadership, Authenticity, fingerprint, Personality

Agonizing Regrets Or Awesome Memories, It's Your Choice

Posted by Aaron Walker on Jan 29, 2021 9:32:28 AM

During my quiet time this morning, I remember my post two years ago about "The Empty Chair" and it made me sad. In my den, there are two recliners, one for me and one for Robin. This is where we hang out and do life together. But one day, one of those recliners will be empty, one of us will be gone. I know that's pretty sad. The truth is, we're going to have horrific regrets or unbelievable memories, one or the other. It doesn't just apply to marriage but to every facet of life, every person we encounter.


One of our mastermind guys is dealing with bitterness. He can't let it go. Believe me I know exactly what it is. A guy did me very wrong that I wanted to shoot to him. I hated that guy. I didn't want anything to do with him. But six months ago, I went to him and I hugged him. And I told him I love you and I am sorry. I had to let it go because I was the only one being held captive, I was the only one being harmed. I was cheating my family because I was disallowing Robin to live the kind of life because I got bitterness harbored in me.

Guys, some of you, today, you want to hug somebody and tell them you love them and you're sorry. If you can't do that, confess it to somebody else and let it go. It squelches everything in you. We only got one life. We don't get a do over. Get rid of that stuff. You say, they don't deserve it! Well, it's called grace. It's things that people don't deserve but are given to them.

Listen, when you quit demanding justice you will know you have forgiven somebody. When you get bitterness out of your life, you will have a joy that I can't even begin what could transpire. It will change your life. Today, let it go!

Share this message to your family as some of them needs to hear it.

 

Topics: Community, Relationships, Success, Significance, Priorities, Development, Self Development, Gratitude, Decisions, Be Happy, fingerprint, Obstacles, Experience, Personality

How An Easy Bake Oven Changed Our Family

Posted by Aaron Walker on Dec 2, 2020 9:00:00 AM

We have got to look outward to other people. 

I want to share this story with you guys this morning.  I hope it has an impact on you.  I hope maybe that you'll consider doing something similar to this because it's virtually changed the way we view Christmas.  This story changed our family changed the way we look at things.  It changed the dynamic by which we approach Christmas and it's to look outward.  It is to help other people.

 

 

Topics: Life Coaching, Character, Community, Relationships, Significance, Priorities, Tips, Clarity, Development, Gratitude, Christmas, Be The Light, Encourage, Encouragement, Be An Encouragement, Happy, Leadership, Influence, Authenticity, fingerprint, Attitude, Joy

What Is Your Leaky Faucet?

Posted by Aaron Walker on Nov 23, 2020 8:09:02 AM

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

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