What I learned after countless failed business partnership | Ep 308

The Game with Alex Hormozi

Alex Hormozi

Entrepreneurship, Education, Business, How To

4.9 • 4.4K Ratings

🗓️ 10 June 2021

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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Summary

What does the perfect partner look like? Today, Alex (@AlexHormozi) is joined by guests to talk about the pros and cons of bringing in business partners and the important factors to consider!

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.

Timestamps:

(0:59) - Bringing on a business partner: defining the roles and responsibilities, structuring the shares, etc.

(4:12) - The cons to not properly structuring the partnership you create

(6:27) - What happens when the business partner wants to go separate ways?

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Transcript

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0:00.0	Hey guys, love that you're listening to the podcast.
0:02.4	If you ever want to have the video version of this, which usually has more effects,
0:06.4	more visuals, more graphs, you know, drawn out stuff, sometimes it can help hit the brain centers
0:11.6	in different ways. You can check out my YouTube channel. It's absolutely free. Go check that out
0:15.1	if that's what you are into and if not, keep enjoying the show. Jason, bring you on a business
0:19.8	partner. Don't do it and go ahead. So welcome to the game where we talk about how to get more
0:27.4	customers, how to make more customers, how to keep them longer and the many failures and lessons
0:31.2	we have learned alone the way. Hope you enjoy and subscribe. Welcome to the call today.
0:35.3	I want to open the floor up to ask you guys because I'm sure because it's been 30 days since
0:42.0	last time we spoke. So if you guys have questions in the chat, burning things, decisions that are
0:46.9	impending things you are unsure about strategies that you need to validate or even just a verbal high
0:52.8	five, please put it in the chat and then I'll go from top to bottom. Jason, bring you on a business
0:59.2	partner. Don't do it and go ahead. So I've had this business for over a decade and Lee Jen's
1:08.4	just, it's always been my weakest function. And I'm more. What's that? Can I pause you real quick
1:16.1	on that one point? How many hours a day do you spend working on Lee Jen? Not a lot because I
1:23.3	get caught up in other stuff. Yeah. So you're doing a partnership with Kyle and you're making
1:29.2	the consideration you want to know the decision process. Is that right? Yeah. I mean, A, I want to
1:34.8	know if it's a good idea, which I know there's risks involved. So then I'm like, what are the risks
1:40.6	and what consideration? I'm meeting with Elizabeth Morgan this evening to bring up my concerns.
1:46.1	But I wanted to get your feedback because you've probably seen a lot. You've been
1:49.4	eight field partnerships. So I know nothing about this is you have to have read like talk about
1:54.6	all the ugly shit first. Yeah. Right. So right now you guys are in lust. Right. You guys are like
	...

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