Episode 129: How To Ruin Your Life With Debt And A Business Partner!
Going into debt, investing money, having a business partner are all serious, permanent long-term decisions. They should not be made in a moment of short-term frustration. – Josh Latimer
A business partnership is almost identical to a marriage. Not only legally, but how messy it can be if you try to undo it.
Deciding to bring in a business partner, that is not something to be taken lightly. Don’t make rash decisions in hopes they are going to rescue you or save the business.
If your business isn’t stable, profitable, growing and healthy, plowing cash into it won’t fix it. You won’t just get lucky.
Good businesses are good by design and hard work.
You also don’t want to have a 50/50 partnership. Someone needs to be the leader and executive decision maker with absolute control. You need to have a clause in case the partnership needs to be dissolved and what happens in that case. It’s about drawing lines in the dirt and establishing clear definitions.
The good news is, you don’t have to be a rocket scientist to make this work. You just have to do the hard, nitty-gritty work and put the time in. Then, you can spend your money improving and getting to $1 million dollars.
If you have no confidence don’t go into debt, fix it with action before spending money.
Having a business that makes $1 million only takes two primary things.
- You need to understand how to assemble a team that enjoys their job, feels valued and understands what to do and is rewarded for that.
- You also need to have a clear understanding of sales & marketing.
Join me today to hear the full episode relating to Debt, Business Partners and rocking your business!