Big Business Mistakes28 Maalis 2023

Partnership Plunders: Navigating the Challenges of Business Partnerships

In this episode Brandon and Kaelin share some of the biggest pitfalls to look out for when forming or restructuring your business partnerships.

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I Can't Believe They Said That:

“Someone's really got to be the leader. There can't be two generals. You ever heard of an army with two generals?“ -BP

“I stayed out of your lane. You stayed out of mine.” -KP

“No one will ever care about your business as much as you will.” -BP

“I got more motivated away from the pain of of not reaching my potential or not seeing what I'm made of than I was the pain of going back to living a lifestyle I could not afford.” -BP

Key Moments:

How to operate inside and outside of the business when your business partner happens to be your spouse. (16:24)

When the original reason for getting into business fades, communication saves the day. (35:56)

When the business grows past people’s ability to continue to progress the business, there is no need to burn bridges. (40:26)

The Mistakes:

Mistake 1: Failing to take quality time to truly consider each other’s strength’s led to a lesson in establishing partnership rolls. (03:32)

Mistake 2: When workload changes along with life, not communicating about rolls needing to be restructured is a hard lesson to learn. (25:58)

Mistake 3: Taking the business so seriously to the point the fun disappears. (37:50)

Mistake 4: Not giving enough consideration to matching the right form of compensation with the right rolls in the business. (45:02)

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