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The Ramsey Show Highlights

Should I Go Into This Partnership?

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6682 Ratings

🗓️ 11 January 2025

⏱️ 8 minutes

🧾️ Download transcript

Summary

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Transcript

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0:00.0

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0:06.7

So I run a realtor business with five agents and property management as well. And my attorney

0:12.3

approached me about potentially partnering 50-50 on it. And I'm been against that since I've got

0:17.2

started for many reasons. But just kind of wanted to run it by y'all

0:21.4

and so what y'all thought.

0:23.1

Give us your top couple of reasons why you didn't want to do it.

0:27.9

Just risky.

0:29.1

You never truly know who you're working with.

0:31.3

They could change their mind, you know, down the road or get greedy, get sick.

0:36.2

I mean, many different options that could cause hassles in the future.

0:40.7

Our rule is the only ship won't sales a partnership.

0:44.7

Yeah.

0:45.4

So I find, with the exception of medical practices and law practices,

0:51.3

we coach tens of thousands of small businesses through entree leadership, and we find

0:57.5

almost no partnerships of this type survive 10 years. They don't make it 10 years. And because of a lot of

1:06.8

different things that you just described, sometimes it's not negative things, even. Sometimes it's a

1:10.2

positive thing. But why would your attorney want to buy 50% of your business?

1:18.4

He's been doing law for 10 years now, and he's just kind of looking to grow another

1:23.7

other realm, I guess. Kind of the same way I am just kind of wanting to pick things up and do something a little different than

1:31.0

we've been doing.

1:33.8

I'm sorry, same thing.

1:34.9

You're wanting to do something different?

...

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