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The Rich Somers Report

Why Partnerships Break Up | E3

The Rich Somers Report

Rich Somers

Business, Investing

5.01K Ratings

🗓️ 13 December 2022

⏱️ 26 minutes

🧾️ Download transcript

Summary

In this episode, Rich discusses why partnerships break up - the good, the bad, and the ugly. He talks about the recent break up with his two partners and the lessons he’s learned from that experience. Rich dives into the first few deals they did together, and shares what worked & didn’t work. Join our investor waitlist and stay in the know about our next investor opportunity with Somers Capital: www.somerscapital.com/invest. Want to join our Boutique Hotel Mastermind C...

Transcript

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0:00.0

The turning point for me was I was at Bigger Pockets Conference in October of this year just a couple of months ago and I met some key players in the space who I respect and I was just started like telling them what was going on and they were like dude like we cut partners all the time if you're no longer a line like it's just normal it's's part of business. It's nothing personal, but it's just what happens. And so I woke up the morning

0:29.6

after BiggerPockets Conference and I was like so clear and so motivated on what I

0:34.8

needed to do and I was like you know what I could die tomorrow I need to make this

0:39.4

decision and I need to go my separate way.

0:45.0

Welcome to the Rich Drummers Report where we talk real estate, business, and wealth building

0:48.0

all while keeping it real.

0:49.0

No fluff, no BS.

0:51.0

I hope that you enjoy the show. All right guys,

0:59.2

welcome to another episode of the Rich Summers Report.

1:01.8

In this episode, we are going to talk about why partnerships

1:04.9

break up the good the bad the ugly and my experience I recently broke up with my partners

1:10.7

a couple of months ago so I wanted to talk a little bit about, you know, what my

1:13.9

experience was like, what it was like meeting them, and what we did together. It was a very successful

1:20.2

partnership. I will say that. There's nothing to hang our hats on if you

1:24.3

would and there was a lot of learning lessons within that and I wouldn't trade it for

1:28.9

the world because that's how we grow at the end of the day. So stick around for the whole episode. It's going to be fun. There's a lot of useful stuff in here, which hopefully you can apply some of these items to your business and your personal life. So for me, you know, I'm rolling all the way back to 2019. This is while I was

1:47.6

working full-time as an air traffic controller. My two partners, I had known one of them through air traffic control.

1:55.6

The other one, I hadn't quite known, but one of them had just bought a fourplex in the

2:00.8

break room of this air traffic control facility.

2:03.3

He's talking about this foreplex that he just closed on in Cleveland and I thought it was the

2:06.8

coolest thing ever and so naturally I just started asking him questions about it and

2:10.9

that was about the time where I was interested in

...

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