Avoiding Bad Partners and Finding Your Own Path | Ep 758

The Game with Alex Hormozi

Alex Hormozi

Entrepreneurship, Education, Business, How To

4.9 • 4.4K Ratings

🗓️ 4 September 2024

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode, Alex talks about how to avoid bad partners (not partnerships) and teaches you some of the lessons he has learned the hard way.

Welcome to The Game Podcast where we talk about how to get more customers, make more profit per customer, and keep them longer, and the many failures and lessons we have learned along the way to $100M in sales. We've got roll-up-your-sleeves kind of hustle with a little bit of cleverness and a lot of heart.

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Transcript

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0:00.0	So I lost a lot of money, a lot of money, and a lot of brain power when I got in bed with a very bad partner.
0:09.1	So I'm going to tell you what I did and what I did wrong.
0:11.7	So bad partners. Now I had partners before and
0:14.6	they were good partners. We had bad partnerships. This is bad partners. So I want to be
0:18.8	really clear about the difference. All the partners I had before, goal, find people, nothing wrong with it.
0:23.6	We had a bad structure.
0:24.8	And so you have the person and you also have the structure of the relationship that both have to
0:28.0	be aligned.
0:29.0	And as a side note, if you are dealing with somebody that you like, but you can't agree on a structure it means don't do it and the
0:34.4	hard part is a lot of people get at that point where like well let's just make it work or you try and
0:38.1	concede that will be a problem later I promise you and so like if you're going to be making decisions together as co-owners of a business and you can't agree on the structure, that's a great sign. And the thing is, it's okay to not agree. The amount of deals that I've negotiated and got at the end of me like, oh, we just value things differently.
0:55.0	That's fine. You only want to get into bed with somebody who values your contribution the same way you do and you value their contribution the same way they do.
1:02.0	Like you have to have alignment there. If you don't, you're going to be... the same way you do and you value their contribution the same way they do.
1:02.8	Like you have to have alignment there.
1:03.8	If you don't, you're going to be at the offset and misaligned and it's just going to be
1:07.3	trouble.
1:08.3	Now this is bad partners.
1:09.8	All right, so bad partners I'll define as people who have nefarious intentions who actually want to hurt you.
1:14.0	There's a difference there between somebody who wants to win, and it's just about how much of the pie they want to get, which is completely
1:19.2	self-serving and fine. Like there's nothing wrong with that. It's America, it's capitalism. Everybody wants to have more of the pie. That partners want to take your pie. And do so in a way that's deceitful. So some of you that have heard my story. This was actually the last partner that I took on, so this was punishing
1:34.3	that it was chromatizing. It permanently changed my behavior. All right? And so I had just sold, so I had
1:39.4	six locations at this time with my gyms. I had bought out some of my past partners which cost me a lot of money.
	...

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