Secrets to Making Your Business Partnership Thrive: Essential Tips for Success (Full Transcript)

Speaker 1: There must be something in the air because I've been getting more calls and emails from my coaching clients than ever before on this one thing, how to make my business partnership work. Hey listen, if you have a business partner and things are going great, that's awesome. But you know what typically happens? Somewhere down the line, the finger pointing begins. Somewhere down the line, you start having resentment towards your business partner. Somewhere down the line, they have resentment towards you. There's a level of entitlement. Someone outworks the other person and before you know it, you got to have that tough conversation. So how do you get a business partnership to work? So let me tell you this because I've got coaching clients that are making a couple million a year all the way to making 25, 30 million a year. And right now, for whatever reason, some of these partners are just not getting along. And I'm going to tell you the secret to making that work. And this comes from first hand in the trenches experience, right? Because I've had a lot of partners and I've got some amazing business partners and we've been partners for over a decade and we'll be partners for decades to come. Then I've had some business partners who have been less than stellar, who have promised unicorns and delivered donkeys, if you know what I mean. And you know if you're one of those, and here's how you're going to fix that. All right, so first and foremost, it doesn't matter if you have 10% stake in the business or you're 50-50 partners. You have to work as though you own 100% of the business, you get 100% of the revenue and you have to put 1000% of the effort in every single day. You can't just do your 10% worth or your 20% worth or your 50% worth. You can't just do the things that are within your wheelhouse or the things that you're just comfortable doing. No, man, something has to get done. You get up and do it. You found a problem, you become the solution. That's how you become an indispensable business partner. Does that make sense to you? You can't be a little baby, man. You can't be a little baby when it comes to doing business. Because if I'm getting 10% and you have 90% and we're business partners, guess what happens? Maybe right now you feel okay paying me 10% for me doing your website work. Let's say I'm just doing a website work for you, right? Because we're just making $100,000 a year and I'm getting 10%, you're keeping 90. What happens when we're making $1,000,000 a year? Is the web work that I'm doing worth my 10% now? What about $3,000,000 a year? What about $5,000,000 a year? What about $10,000,000 a year? Do you want to give me $1,000,000, 10% of that, $1,000,000 to do web work? Or do you start thinking, huh, you know what, I think I could fire this guy part ways with him and just hire someone for $140,000 a year to do all my web work. So whether you're the partner on that side or this side, you guys got to come and have a conversation, man. You guys got to have a conversation and say, listen, it doesn't matter if we own 50-50 or 90-10 or anywhere in between. I promise and I commit to doing 100% of the work every single time. And I'm going to work like I own the damn thing. And I'm going to work like someone's trying to take it away from me. And so if you want a partnership to work, man, that's what you got to do. Because guess what happens in a partnership? Guess what happens? You're going to make big sales sometimes, and then other times, you're going to have dry months, dry months. Maybe your ads stop running on Facebook and Google, and all of a sudden, all your traffic dies and your sales die. Maybe, maybe, just maybe your sales copy on ClickBank gets disapproved. Or maybe Google decides to put you in a sandbox, right, and you're not being found anywhere on Google. Or maybe YouTube decides to shut down your YouTube account, and your amazing source of traffic is gone. You know what happens when there's a partnership then? All of a sudden, we end up seeing the strength of that partnership when the shit hits the fan. That's what happens, right? Well, it's not my fault, man. It was your fault. No, man. Take responsibility. So work like you own 100% of the damn thing. Be indispensable. Do you want your partnership to work? Be indispensable. I'll see you later. The only thing you get paid for is done. Think about that. It just manifests itself when you work your ass off. The best leaders know that enthusiasm will motivate and inspire and move people to action.