#1 Rule before going into a business partnerships. $8M Lesson.

I heard a story at the mastermind that perfectly illustrates why most business partnerships end in disaster. A guy named Spencer started a company with a partner. Spencer was young, hungry, and wanted to scale aggressively. His partner was older, had a family, and just wanted stability and to work 20 hours a week. There is absolutely nothing wrong with either of those goals. But when you put them together in the same company with 50/50 equity, it is a guaranteed disaster.

They scaled the company to 8 million dollars a year. But Spencer was doing the vast majority of the workload because his partner's goal was to work less, not more. Resentment built. The visions diverged further and further. And eventually, the only possible outcome was for the partnership to end. Which it did.

Before you sign paperwork with a partner, you have to put the end goal on paper. Not the goal for this year. The goal for five years from now. Ten years from now. Where do you want this thing to go? How many hours are you each willing to put in? What happens when one person is carrying more weight than the other? What happens when you disagree on a major decision?

If you are going to be doing all the work but the equity is 50/50, that needs to be addressed before you start. Not after you hit 8 million and realize you have been carrying someone for three years. Align the vision first, agree on the workload split, put it all on paper, and then decide if the partnership actually makes sense. Most of the time, if you are honest with yourself, it doesn't.

My Offer:

Content Machine: We Will Script, Record, Edit & Distribute Daily Videos For Your Business That Turns Into Revenue: Done For You. Click Here

Areeb Mirza’s YouTube Channel