2 Biggest Partnership Mistakes I Ever Made | Business Partnership Agreement Tips

ASK CHRIS YOUR QUESTION! Go ahead. You know you’ve been dying to ask:

Partnerships in business can be the best thing that ever happened to a company, but without knowing how to organize the partnership and how to manage it… it WILL fail. No matter how good it was at the start.

Several of the fastest growing, most fulfilling companies I’ve ever started, have been with partners. Not always a 50/50 partner, but no matter how much stock they owned, I always treated them like an equal partner because when you have two or more minds working together towards the same goal you can achieve amazingly fast results.

So if you’re in a partnership it’s your job to set up some basic rules that keep that partnership strong.

With that said, there have been 2 companies I used to own with partners that ended up being very costly lessons for me. Lessons that I’ve never repeated again, but lessons that I don’t want you to learn the hard way.

It’s faster and easier to learn business lessons from someone who’s been there, done that, then it is to pay the price yourself!

In this episode of Built To Grow I’m going to show you the mistakes I've made and how we organize highly successful partnership agreements, because documenting everything AT THE START of a partnership is one of the smartest things you can do, and getting it all done in one day, in a room with your attorney like I’ll show you, will save you time, money and frustration.

Subscribed and hit the bell notification now because we’re giving away a $5,000 BUSINESS STRATEGY meeting with me, but you have to be subscribed to be in the drawing.

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Chris is an entrepreneur, investor, bestselling author, and business adviser to a handful of high growth companies. He has built four 8-figure companies, developed winning leadership teams across multiple industries, and designed business systems that predictably grow multi-million dollar brands. He’s been featured in financial periodicals such as: Success, Inc, Bloomberg, and in Entrepreneur as a top entrepreneurs of the time.

CONNECT WITH CHRIS ON SOCIAL MEDIA:

[ChrisGuerriero]

Business success to me is MORE than Money. A new vlog will go live every few days to show you why. If you liked this video, please show us you like it and LIKE the video :) then comment down below with what you want to see next! Here's to your best year ever, Chris

[khadijasajid]

BEING a subscriber of The Financial Diet, I've come to realize that the secret to making a million is making better investment.😀.

[ihavenowifi]

Great unbiased video. I’m currently experiencing a courier service deal going sour with a business partner because the terms of responsibility on each part is becoming loose and liabilities began fluctuating drastically over night. Your experience allowed me to think about my situation from a different approach. Much better than calling people discuss relaying numbers to emotions. My end of business is logistics.. not sales. And it feels like every conversation is a sale to explain my end of the expense report.

[MichellePavel]

We should also be doing this with our potential life partner ❤️

[ytfeverguy]

Totally related to the values conflict Family/Status of at least one of my former partners. At times I felt like I was help raising his kids and support his trophy wife. Great insights here. TY

[riceshineshow]

Finding the ideal partnership is important! Thank you for the video!

[brooke]

you sir, have earned yourself a new subscriber. this is the best biz advice I've heard in quite a while

[cindysalinas]

The best video I have seen so far. Very good examples you give. I like how detailed you are at explaining your point of view.

[nunya]

Good advice... helping me learn the fundamentals.

[abrahama]

Hey Chris,
You deserve more likes on this 👍
Liked it .

[teddyodafe]

My business is having great challenges. I am loosing control over the staffs. I gave some room to allow them do some side hustling, because their pays are very little compare to the skill they offer. Today, their focus and mind is more on their personal business.
I brought a plan for 2022, but they rather settle settle with d old model where they have time for their side hustle.
Please what can I do...if I let them go, I can't do it myself, and having same talented and skillful staff seem like not possible.

[reecem]

Question for you. I want to form a partnership to do active stock trading in which I’m the general partner who does the trading with the other person’s capital. I’m trying to think of a way to avoid self employment tax while also having a practically guaranteed compensation. What I had in mind was to have a profit sharing structure where I get paid a percentage (lets say half) of the gains on any profitable trades until a certain limit for the year is reached (such as $20k for example) and I would call that unearned income. This just applies to individual trades even if there’s a loss relative to the beginning of the year. What are your thoughts on that?

[Nik-tmvq]

We are 4 partners and two of them doesn't do anything for the company what should I do ?

[bilalyousaf]

SIR I am a student in Australia. which business will better for me?.

[xylenbp]

Fix your audio sir, I hope we get better audio on future videos, bad audio gives a bad first impression on ur channel for first time viewers

[jeremymcdonald]

My God you're lucky! You only made 2 partnership mistakes! We seem to make 2 every month.

[martinwoodward]

Partnerships can be amazing but only if you have a solid partnership agreement in place - thanks for sharing this Chris!

[jjessica]

Do you believe in 50/50 partnership?

I have this business partner, she wants a 50/50 split, but I'm doing most of the work, and most of the money, the equipments are all on mine. She wants a 50/50 split because she will be contributing 50% on the ingredients. Pls enlighten me. 😫😫 I'm a newbie in the world of business.

[SherifaNakalema]

I don't like partnerships because it's like a marriage. Conflicts will arise. With a marriage at least it's worth the efforts in the long term.

[PIKANARAYCH]

wow this is simply amazing info thank you