Keys to a Terrible Business Partnership | Ep 657

The Game with Alex Hormozi

Alex Hormozi

Entrepreneurship, Education, Business, How To

4.9 • 4.4K Ratings

🗓️ 11 January 2024

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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Summary

“An unreliable partner, creates an unreliable relationship, which creates an unreliable business.” Today, Alex (@AlexHormozi) emphasizes the importance of distinctive skill sets, complementary experiences, and aligned values for a prosperous partnership. He addresses common mistakes made during the forming of partnerships, like lacking clear expectations or written agreements, disproportionate effort or shared equity, and misaligned goals.

Welcome to The Game w/Alex Hormozi, hosted by entrepreneur, founder, investor, author, public speaker, and content creator Alex Hormozi. On this podcast you’ll hear how to get more customers, make more profit per customer, how to keep them longer, and the many failures and lessons Alex has learned on his path from $100M to $1B in net worth.

Timestamps:

(0:35) - The Art of Inverted Thinking

(1:27) #1-5: Knowledge, time, and money imbalances, no agreements

(5:36) #6-10: Give away everything, misaligned mission, value, vision

(7:56) - Having resources you don’t have & expectation agreements

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(This episode is a re-run. Original airdate was August 23, 2022)

Transcript

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0:00.0	If you can think a few steps ahead of the person rather than saying like, oh, I'm going to get them,
0:04.4	just say like, hey, I don't know if this is going to be equitable in the future.
0:07.6	Like give them more and you'll actually start to create a relationship rather than a negotiated
0:12.0	contractual agreement.
0:13.3	Welcome to the game where we talk about how to sell more stuff to more people in more ways and build businesses worth owning.
0:21.3	I'm trying to build a billion dollar thing with
0:23.0	acquisition.com I always wish Bessos Musk and Buffett had documented their
0:26.5	journey so I'm doing it for the rest of us. Please share and enjoy.
0:30.3	I want to give you the keys to having a terrible, terrible partnership and the reason that we're talking about in this perspective is because my big hero, Charlie Munger talked about inverted thinking as one of the best ways to solve problems.
0:43.1	So rather than think, how do I have an amazing partnership?
0:45.6	Let's think about how would I guarantee a miserable, terrible partnership that would definitely
0:50.7	ensue in a terrible breakup with lots of lawyers and all the paperwork and just honestly
0:56.3	Ideally take forever and result in no benefit now as somebody who has a lot of partnerships
1:01.3	It is taking me a very long time to get here and I have has a lot of partnerships, it has taken me a very long time to get here.
1:03.4	And I have learned a lot along the way.
1:05.5	And the beauty of having stories is that you can get the lessons without the scars.
1:09.0	And so I will give you, let's see, one, two, three, four, five, six four five six seven eight nine ten ten
1:15.1	ten different things that you can do to guarantee absolutely atrocious terrible
1:19.4	partnership that you wish you could just not live anymore right that is that's what's going to happen if we can make this partnership as terrible as we're going to shoot for here all right so number one is that we're going to make sure that they have the exact same knowledge basis you all right so this person that you're going to do business
1:32.7	with knows the exact same stuff at you. There's no stuff that they know that you don't
1:36.1	know all right because that way one of you is an unnecessary all right and so this is a
1:40.5	great way to have a terrible start to a partnership.
	...

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