#39: Powerful Partners, Massive Results
Next Level Pros
Chris Lee
5 • 1.4K Ratings
🗓️ 3 October 2023
⏱️ 13 minutes
🧾️ Download transcript
Summary
Welcome to another exciting episode of "The Founder Podcast" with your host, Chris Lee. In this installment, Chris reflects on the incredible journey of the podcast, approaching a million downloads since June. He shares the importance of leaving reviews on platforms like Apple Podcasts and Spotify, emphasizing the value of good feedback.
Chris believes that everyone should treat their life like a business, whether you're an entrepreneur or an employee. You are the founder of your own corporation, and this podcast is here to provide invaluable business knowledge to help you succeed.
In this episode, Chris dives into a critical aspect of entrepreneurship: partnerships. Drawing from his own experiences, he discusses the significance of cultivating a positive company culture and structuring partnerships to incentivize growth effectively.
Chris distinguishes between good and bad partnerships, highlighting the role of culture and equity sharing. He explains the importance of a vesting schedule, ensuring that all partners, including founders, are committed for the long term. The honeymoon period, Chris notes, lasts at least six months, during which you'll discover if a partner is truly invested in your venture.
Chris offers a 6-18-36-month vesting program as a structure to consider, explaining how it works to align interests and commitment. He underscores the power of equity in attracting partners who are willing to forego salary for a piece of the business's future success.
Throughout the episode, Chris explores various equity-sharing methods, including cliffs, daily vesting, phantom equity, and profit shares. He emphasizes the role of equity in scaling a business and shares his own success story with private equity.
Additionally, Chris introduces the concept of profits interest, a strategy for incentivizing employees with a strike price that has unique tax implications.
Join Chris as he imparts his expertise on partnerships and equity-sharing, providing valuable insights to help you navigate the complex world of entrepreneurship. Whether you're an aspiring founder or an established business owner, this episode is packed with knowledge to guide your journey. Don't miss out on this opportunity to learn from a seasoned entrepreneur and take your business to the next level. Tune in now!
HIGHLIGHTS
“Everyone has to treat their own life like a business and be the founder of it."
"Good culture is imperative, people will bleed for it."
"Properly structured equity can bring in top talent even if you can't afford high salaries."
TIMESTAMPS
00:00: Podcast Growth & Monetization
01:13: Culture Importance
03:05: Equity Structure
07:15: Growing Businesses With Partnerships
09:27: Incentivizing Employees
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YouTube - https://www.youtube.com/@thefounderspodcast
Transcript
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| 0:00.0 | So anybody that has listened to my story knows that I am a big believer in partners. |
| 0:05.6 | I'm a big believer in good partners and I know that bad partnerships exist out there. |
| 0:09.9 | I've had good, bad, ugly, I've had it all. |
| 0:12.2 | In fact, one of my very first business partners he went on to run a |
| 0:15.3 | Ponzi scheme terrible business partner nobody that I would ever go into |
| 0:19.1 | business again with and then my my longtime friend and business partner |
| 0:24.6 | Darrell Kelly in which we've established several different businesses |
| 0:27.4 | and we've been able to sell and get paid out for our equity. |
| 0:30.9 | And so I've seen it all. |
| 0:32.3 | I've seen the top and the bottom |
| 0:35.2 | yo yo what's up welcome to another episode of the founder podcast I'm your host |
| 0:40.8 | Chris Lee if this is your first time tuning in welcome. We've had incredible |
| 0:47.2 | subscriptions and downloads and stuff across the universe. I think we're approaching a million downloads since the beginning of June. |
| 0:54.6 | It has been an incredible ride. |
| 0:57.4 | If you haven't had a chance, please leave me a review either on Apple Podcast or Spotify. |
| 1:04.2 | Spotify just does ratings, one through five star ratings. |
| 1:07.0 | Apple does ratings and reviews. |
| 1:08.8 | So if you could please leave me a review over on Apple, |
| 1:11.9 | that would be absolutely fantastic. It helps me get good |
| 1:15.4 | feedback continue to push the show. I am not monetizing the show which means I |
| 1:19.8 | am not bringing on advertisers. In fact, I've had several, quite a bit, like big offers from big advertisers come in and say, |
| 1:28.1 | hey, we want you to push X product or service or whatnot. |
... |
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