[E-VOLVE] Think Twice Before You Do It! Vicki Irvin
I had an amazing weekend at the UFC fights in DC on Saturday! Both of my husband’s fighters won and we had a HUGE after party celebrating my husband Lloyd’s 15 year anniversary for his martial arts school. It was also my girl’s weekend with my best buddies from high school and they are now fight fans!
I’m gearing up for my small group tele- coaching program starting on October 11th and so looking forward to reinventing businesses for entrepreneurs ready to start 2012 with a big bang! I hope you decided to join us, we are doing some amazing things this quarter!
TO PARTNER OR NOT TO PARTNER
Is it me or does it seem like everyone is partnering up these days? Partnerships can be a good thing…or they can be a bad thing, depending on who you go into partnership with.
Speaking from direct experience, I can tell you some of the pitfalls to avoid when trying to decide who to partner with! I have had my own horror stories as well heard horror stories from my clients and coaching students that will make your skin crawl.
Can you believe I even had a partner one time who hid the fact he had a full-time government job for YEARS and pretended to be a full-time entrepreneur? After I spoke to others who worked with him, the trail of lies was a mile long and this was a pattern of behavior. Crazy, right? You will be amazed the lengths dishonest people will go to in order to create an appearance about themself that is far from the truth!
You must always protect yourself and your business! Here are some key things to beware of and some things to think about when you are considering a partnership of any kind in your business:
Tip #1- I find that many people partner with others simply because they are afraid to go into business alone and want the security of someone else being “in it” with them. BAD IDEA, partnerships should never be made out of fear, this is NOT a good reason.
Tip#2- Only partner with people who bring something to the relationship. For instance if one person has the money to fund the business, but the other has the marketing knowledge to make it work, that is a partnership where each person is bringing something extremely valuable to the business. This makes sense.
Tip #3- Never partner with someone who has nothing to bring to the business of value, for them it is a winning situation because they will benefit from you, but for you, it’s a lose/lose situation.
Tip #4- Never be persuaded by someone who talks the talk, only partner with people who can PROVE their business savvy, success, experience etc. Someone’s word is just not good enough, we all know that talk is very cheap!
Tip #5 -Be sure your visions and missions are in alignment and the expected outcomes of the partnership are laid out on paper. There is nothing worse than partners in business being on the same page, it causes confusion, dissention and ultimately will lead to a nasty split.
People begin partnerships with good intentions, but so many of them go bad if you don’t do your research. Bad partnerships have landed plenty of people in court spending big money and wasting valuable time.
So if you are considering a partnership, be sure to follow these guidelines. And if you are in a partnership that you know isn’t working due to some of these reasons, then it is time to GET OUT before things get too messy!
Cheers to Business, Beauty & Balance,
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