WEBVTT 1 00:00:00.000 --> 00:00:02.560 If you can think a few steps ahead of the person, 2 00:00:02.560 --> 00:00:04.560 rather than saying like, oh, I'm gonna get them, 3 00:00:04.560 --> 00:00:06.560 just say like, hey, I don't know if this is gonna be 4 00:00:06.560 --> 00:00:08.760 equitable in the future, like give them more. 5 00:00:08.760 --> 00:00:10.640 And you'll actually start to create a relationship 6 00:00:10.640 --> 00:00:13.600 rather than a negotiated contractual agreement. 7 00:00:16.500 --> 00:00:18.560 Welcome to the game where we talk about how to sell more stuff 8 00:00:18.560 --> 00:00:21.560 to more people in more ways and build businesses worth owning. 9 00:00:21.560 --> 00:00:22.960 I'm trying to build a billion dollar thing 10 00:00:22.960 --> 00:00:24.200 with acquisition.com. 11 00:00:24.200 --> 00:00:26.480 I always wished pesos, musk and buffet had documented 12 00:00:26.480 --> 00:00:28.360 their journey, so I'm doing it for the rest of us. 13 00:00:28.360 --> 00:00:29.520 Please share and enjoy. 14 00:00:31.760 --> 00:00:34.320 I wanna give you the keys to having a terrible, 15 00:00:34.320 --> 00:00:35.320 terrible partnership. 16 00:00:35.320 --> 00:00:36.480 And the reason that we're gonna talk about it 17 00:00:36.480 --> 00:00:39.680 in this perspective is because my big hero, 18 00:00:39.680 --> 00:00:41.560 Charlie Morgan, talked about inverted thinking 19 00:00:41.560 --> 00:00:43.200 as one of the best ways to solve problems. 20 00:00:43.200 --> 00:00:45.600 So rather than think, how do I have an amazing partnership? 21 00:00:45.600 --> 00:00:48.160 Let's think about how would I guarantee a miserable, 22 00:00:48.160 --> 00:00:51.360 terrible partnership that would definitely ensue 23 00:00:51.360 --> 00:00:54.200 in a terrible breakup with lots of lawyers 24 00:00:54.200 --> 00:00:56.600 and all the paperwork and just honestly, 25 00:00:56.600 --> 00:00:59.880 ideally take forever and result in no benefit. 26 00:00:59.880 --> 00:01:01.960 Now, as somebody who has a lot of partnerships, 27 00:01:01.960 --> 00:01:03.520 it is taking me a very long time to get here. 28 00:01:03.520 --> 00:01:05.640 And I have learned a lot along the way 29 00:01:05.640 --> 00:01:07.280 and the beauty of having stories 30 00:01:07.280 --> 00:01:09.200 is that you can get the lessons without the scars. 31 00:01:09.200 --> 00:01:10.680 And so I will give you, let's see, 32 00:01:10.680 --> 00:01:15.000 one, two, three, four, five, six, seven, eight, nine, ten. 33 00:01:15.000 --> 00:01:16.640 Ten different things that you can do 34 00:01:16.640 --> 00:01:20.080 to guarantee absolutely atrocious, terrible partnership 35 00:01:20.080 --> 00:01:22.240 that you wish you could just not live anymore, right? 36 00:01:22.240 --> 00:01:24.680 That's what's gonna happen if we can make this partnership 37 00:01:24.680 --> 00:01:26.960 as terrible as we're gonna shoot for you, all right? 38 00:01:26.960 --> 00:01:29.040 So, number one, is that we're gonna make sure 39 00:01:29.040 --> 00:01:31.240 that they have the exact same knowledge bases you, all right? 40 00:01:31.240 --> 00:01:33.000 So this person that you're gonna do business with 41 00:01:33.000 --> 00:01:34.440 knows the exact same stuff of you. 42 00:01:34.440 --> 00:01:37.040 There's no stuff that they know that you don't know, all right? 43 00:01:37.040 --> 00:01:40.120 Because that way, one of you is not unnecessary, all right? 44 00:01:40.120 --> 00:01:42.680 And so this is a great way to have a terrible start 45 00:01:42.680 --> 00:01:43.760 to a partnership. 46 00:01:43.760 --> 00:01:45.960 One of you being unnecessary to begin with, 47 00:01:45.960 --> 00:01:47.760 which means both of you are giving away 48 00:01:47.760 --> 00:01:50.120 half your equity for no incremental benefit. 49 00:01:50.120 --> 00:01:51.440 It's also not very good for the business 50 00:01:51.440 --> 00:01:52.520 because why would you do that? 51 00:01:52.520 --> 00:01:54.160 So that being said, number one, 52 00:01:54.160 --> 00:01:56.800 have the same knowledge base and maybe even, 53 00:01:56.800 --> 00:01:58.720 if we're being crazy, which we are, right? 54 00:01:58.720 --> 00:02:00.480 Throw in the same experiences, right? 55 00:02:00.480 --> 00:02:02.720 If you both work at the same place doing the same thing, 56 00:02:02.720 --> 00:02:04.400 why not start a business together 57 00:02:04.400 --> 00:02:06.280 doing the exact same thing, brilliant? 58 00:02:06.280 --> 00:02:07.120 I know, all right. 59 00:02:07.120 --> 00:02:09.440 So, number two is time, right? 60 00:02:09.440 --> 00:02:12.960 Make sure that they have the same amount of time as you, 61 00:02:12.960 --> 00:02:14.440 all right, or disproportionate. 62 00:02:14.440 --> 00:02:16.840 And what I mean there is the big three-on partnerships 63 00:02:16.840 --> 00:02:18.160 is knowledge money time, right? 64 00:02:18.160 --> 00:02:20.480 Which means they either have to have knowledge you don't have, 65 00:02:20.480 --> 00:02:21.920 they gotta have money you don't have, 66 00:02:21.920 --> 00:02:23.600 they gotta have time you don't have, right? 67 00:02:23.600 --> 00:02:25.360 And so if you have no time, 68 00:02:25.360 --> 00:02:27.320 make sure they don't have time too, right? 69 00:02:27.320 --> 00:02:29.760 Now, if you do have time and they have time, then you're fine. 70 00:02:29.760 --> 00:02:31.560 But the thing is, then you'd have to look at one 71 00:02:31.560 --> 00:02:33.200 of the other three parts of this equation 72 00:02:33.200 --> 00:02:35.360 in order to make sure that's still a terrible partnership. 73 00:02:35.360 --> 00:02:37.920 All right, so make sure that you're misaligned on time. 74 00:02:37.920 --> 00:02:39.240 All right, the next one is money. 75 00:02:39.240 --> 00:02:40.600 If you're getting to a partnership, 76 00:02:40.600 --> 00:02:43.160 if one of you has money and the other doesn't, 77 00:02:43.160 --> 00:02:45.080 then that's value that's being out of the relationship. 78 00:02:45.080 --> 00:02:47.440 But if you're going to partner with somebody 79 00:02:47.440 --> 00:02:49.000 and they don't have money that you don't have, 80 00:02:49.000 --> 00:02:50.400 they don't have knowledge that you don't have 81 00:02:50.400 --> 00:02:51.640 and they don't have time that you don't have, 82 00:02:51.640 --> 00:02:53.000 they might have cheated on the partnership. 83 00:02:53.040 --> 00:02:54.280 I don't know, but it is a great way 84 00:02:54.280 --> 00:02:55.200 to have a terrible partnership. 85 00:02:55.200 --> 00:02:58.000 Now, that being said, let's say that somehow, 86 00:02:58.000 --> 00:03:00.680 we still figured out a way that we got in a relationship 87 00:03:00.680 --> 00:03:02.280 where one of us didn't have the knowledge, 88 00:03:02.280 --> 00:03:03.480 didn't have the time or the money, 89 00:03:03.480 --> 00:03:05.160 that the other person had, we got together. 90 00:03:05.160 --> 00:03:06.000 Okay, cool. 91 00:03:06.000 --> 00:03:07.320 There's still more ways that we can, 92 00:03:07.320 --> 00:03:08.480 we can torpedo this thing. 93 00:03:08.480 --> 00:03:09.560 Just wait, buckle up. 94 00:03:09.560 --> 00:03:11.080 So the next one is that we can make sure 95 00:03:11.080 --> 00:03:12.440 that we have different expectations 96 00:03:12.440 --> 00:03:14.480 of one another and the business, all right? 97 00:03:14.480 --> 00:03:16.200 So it's like, hey, what do I expect you to do? 98 00:03:16.200 --> 00:03:17.560 What do you expect me to do, right? 99 00:03:17.560 --> 00:03:19.840 And those expectations, we want to make sure, 100 00:03:19.840 --> 00:03:22.080 and this is number five, is that there's no agreements. 101 00:03:22.080 --> 00:03:23.360 We don't record it anywhere. 102 00:03:23.360 --> 00:03:24.360 We don't write it down. 103 00:03:24.360 --> 00:03:26.360 We do it on a handshake because we're old school. 104 00:03:26.360 --> 00:03:28.600 Yeah, great way to have a terrible business relationship. 105 00:03:28.600 --> 00:03:30.400 And the reason that people don't want to do that 106 00:03:30.400 --> 00:03:31.920 is because usually they don't want to have 107 00:03:31.920 --> 00:03:33.360 the hard conversations, all right? 108 00:03:33.360 --> 00:03:34.840 They don't want to say what happens 109 00:03:34.840 --> 00:03:36.000 if this goes wrong, right? 110 00:03:36.000 --> 00:03:37.120 And like, what do you expect? 111 00:03:37.120 --> 00:03:39.440 You really expect me to take the trash hat every day? 112 00:03:39.440 --> 00:03:42.080 Like, they want to have this unspoken expectation. 113 00:03:42.080 --> 00:03:43.720 You have unspoken expectations, 114 00:03:43.720 --> 00:03:45.160 do you even know what's going to be magical? 115 00:03:45.160 --> 00:03:46.000 Where are you? 116 00:03:46.000 --> 00:03:48.480 You don't actually have to have hard conversations with people. 117 00:03:48.480 --> 00:03:49.800 And if you can't have a hard conversation 118 00:03:49.800 --> 00:03:51.520 with a partner before even doing business, 119 00:03:51.520 --> 00:03:52.720 before you are even married, 120 00:03:52.720 --> 00:03:55.520 before there is even money or stakes on the table 121 00:03:55.520 --> 00:03:58.040 or equity value that's been grown, then dear God, 122 00:03:58.040 --> 00:03:59.640 you're not going to have a good conversation at the end. 123 00:03:59.640 --> 00:04:00.960 All right, so if someone's like, 124 00:04:00.960 --> 00:04:02.920 I don't do agreements, just walk away. 125 00:04:02.920 --> 00:04:05.480 I've just, I've been doing this like, just walk away. 126 00:04:05.480 --> 00:04:08.120 It's only like very, very, very weird people do that. 127 00:04:08.120 --> 00:04:10.520 Like, banks, banks don't just give you money 128 00:04:10.520 --> 00:04:12.240 without expecting it, like, come on. 129 00:04:12.240 --> 00:04:13.360 Like, this is real world. 130 00:04:13.360 --> 00:04:15.640 And I used to think, I remember earlier on, 131 00:04:15.640 --> 00:04:17.600 I heard someone tell me that and I was like, 132 00:04:17.600 --> 00:04:18.600 oh, I don't want to be the guy. 133 00:04:18.600 --> 00:04:21.080 It's like, I'm the type of person that if you can, 134 00:04:21.080 --> 00:04:23.360 shake your hand, then blah, blah. 135 00:04:23.360 --> 00:04:26.360 And I just don't, I just don't trust people that much. 136 00:04:26.360 --> 00:04:28.960 So the idea for me is make sure the paper says 137 00:04:28.960 --> 00:04:31.600 we needed to say, but then trust the person, right? 138 00:04:31.600 --> 00:04:33.400 Which is like, I hope that we never have, 139 00:04:33.400 --> 00:04:34.960 like, we write these contracts 140 00:04:34.960 --> 00:04:37.040 that the intention of never having to look at them, right? 141 00:04:37.040 --> 00:04:39.680 But we still use the contract as a vehicle 142 00:04:39.680 --> 00:04:42.600 to facilitate dialogue around difficult topics 143 00:04:42.600 --> 00:04:44.440 and to have shared expectations 144 00:04:44.440 --> 00:04:46.800 in a way that we both understand them in a great, right? 145 00:04:46.800 --> 00:04:48.480 That is the purpose of the contract. 146 00:04:48.480 --> 00:04:50.040 It's not to get lawyers involved. 147 00:04:50.040 --> 00:04:52.080 The purpose of the contract is that we have clear expectations. 148 00:04:52.080 --> 00:04:53.600 That is why contracts exist. 149 00:04:53.600 --> 00:04:55.280 Clear expectations on agreements. 150 00:04:57.760 --> 00:05:00.080 You guys love that you're listening to the podcast. 151 00:05:00.080 --> 00:05:02.920 If you ever want to have the video version of this, 152 00:05:02.920 --> 00:05:05.480 which usually has more effects, more visuals, more graphs, 153 00:05:05.480 --> 00:05:06.840 you know, drawn out stuff, 154 00:05:06.840 --> 00:05:09.360 sometimes it can help hit the brain centers 155 00:05:09.360 --> 00:05:10.200 in different ways. 156 00:05:10.200 --> 00:05:11.040 You can check out my YouTube channel. 157 00:05:11.040 --> 00:05:12.240 It's absolutely free. 158 00:05:12.240 --> 00:05:13.840 You can check that out if that's what you are into. 159 00:05:13.840 --> 00:05:15.640 And if not, keep enjoying the show. 160 00:05:17.440 --> 00:05:19.600 So if we're making sure that we have a term of partnership, 161 00:05:19.600 --> 00:05:21.120 we got to have all the same knowledge. 162 00:05:21.120 --> 00:05:23.080 We got to have disproportionate time and money, right? 163 00:05:23.080 --> 00:05:25.320 So all those things, time, money, knowledge, 164 00:05:25.320 --> 00:05:26.880 we're all matched on those, 165 00:05:26.880 --> 00:05:28.720 which means that one of us isn't necessary. 166 00:05:28.720 --> 00:05:30.480 On top of that, we have different expectations. 167 00:05:30.480 --> 00:05:32.400 We didn't write it down, so there's no agreements. 168 00:05:32.400 --> 00:05:34.160 And there's no expectations that have been communicated 169 00:05:34.160 --> 00:05:35.880 about what you're going to do what I'm going to do, all right? 170 00:05:35.880 --> 00:05:37.240 Now, the next one, this is a big one. 171 00:05:37.240 --> 00:05:38.600 Give away everything, all right? 172 00:05:38.600 --> 00:05:41.040 So make sure that you give away everything in the partnership 173 00:05:41.040 --> 00:05:43.280 and do a disproportionate amount of work at the onset. 174 00:05:43.280 --> 00:05:45.200 Because that way, you'll just definitely make sure 175 00:05:45.200 --> 00:05:47.600 that you can go on a resentment towards the other person. 176 00:05:47.600 --> 00:05:48.840 And the flip side can be true too. 177 00:05:48.840 --> 00:05:50.920 If you know the other person would be doing a lot of work, 178 00:05:50.920 --> 00:05:52.600 then you think you're so, oh, well, 179 00:05:52.600 --> 00:05:55.840 I'm going to squeeze as much out of them as I possibly can. 180 00:05:55.840 --> 00:05:56.920 Well, what's going to happen? 181 00:05:56.920 --> 00:05:57.720 They're going to resent you 182 00:05:57.720 --> 00:05:59.120 and they're going to try and renegotiate later 183 00:05:59.120 --> 00:06:00.120 once reality sets in. 184 00:06:00.120 --> 00:06:02.760 So if you can think a few steps ahead of the person, 185 00:06:02.760 --> 00:06:04.760 rather than saying like, oh, I'm going to get them, 186 00:06:04.760 --> 00:06:06.760 just say like, hey, I don't know if this is going to be 187 00:06:06.760 --> 00:06:09.000 equitable in the future, like give them more. 188 00:06:09.000 --> 00:06:10.840 And you'll actually start to create a relationship 189 00:06:10.840 --> 00:06:13.640 rather than a negotiated contractual agreement. 190 00:06:13.640 --> 00:06:15.640 Which at the end of the day, that's all contracts 191 00:06:15.640 --> 00:06:17.640 you're supposed to do is just outline the expectations 192 00:06:17.640 --> 00:06:18.640 between two parties. 193 00:06:18.640 --> 00:06:19.480 That's it. 194 00:06:19.480 --> 00:06:21.360 Now, the next one is that we want to make sure 195 00:06:21.360 --> 00:06:24.840 that we have not, we want to have a misaligned three things. 196 00:06:24.840 --> 00:06:27.560 Mission, values, and vision, which means 197 00:06:27.560 --> 00:06:29.520 that we don't actually want to take this business 198 00:06:29.520 --> 00:06:30.400 to the same place. 199 00:06:30.400 --> 00:06:32.240 And this may sound hilarious to you, 200 00:06:32.240 --> 00:06:34.360 but you would be amazed at the amount of partners 201 00:06:34.360 --> 00:06:35.400 that we get on the phone with. 202 00:06:35.400 --> 00:06:37.280 They're like, what do you guys want to do this business? 203 00:06:37.280 --> 00:06:38.720 And one person's like, I think we should go this one. 204 00:06:38.720 --> 00:06:40.040 The other person's like, I think we should go that way. 205 00:06:40.040 --> 00:06:42.400 I'm like, I think that you should figure that out, right? 206 00:06:42.400 --> 00:06:43.760 Or one of you shouldn't be here, right? 207 00:06:43.760 --> 00:06:44.280 Figure it out. 208 00:06:44.280 --> 00:06:46.040 All right, which is where do we want to go? 209 00:06:46.040 --> 00:06:47.720 And the next one is the values, 210 00:06:47.720 --> 00:06:49.120 which is how are we going to get there, right? 211 00:06:49.120 --> 00:06:50.360 What are the things that are important to us 212 00:06:50.360 --> 00:06:52.480 about how we deal with other humans, right? 213 00:06:52.480 --> 00:06:53.440 What are those values? 214 00:06:53.440 --> 00:06:55.360 And if some people have different values, 215 00:06:55.360 --> 00:06:56.800 it becomes very difficult to do business, 216 00:06:56.800 --> 00:06:58.400 even if you want to accomplish the same thing, 217 00:06:58.400 --> 00:07:00.200 because you want to do it different ways, right? 218 00:07:00.200 --> 00:07:02.560 And then it'll create endless strife and conflict 219 00:07:02.560 --> 00:07:03.080 throughout. 220 00:07:03.080 --> 00:07:06.200 Now, the last one is what you consider lifestyle, right? 221 00:07:06.200 --> 00:07:10.040 Which is, what do you, similar interests, lifestyle? 222 00:07:10.040 --> 00:07:11.880 It's very difficult to do business with somebody. 223 00:07:11.880 --> 00:07:14.160 If you're like, you're a Dave Ramsey saver, 224 00:07:14.160 --> 00:07:18.120 and you, you know, you live far below your means, 225 00:07:18.120 --> 00:07:19.600 and you're doing business with somebody 226 00:07:19.600 --> 00:07:21.320 who lives far above their means 227 00:07:21.320 --> 00:07:22.360 and goes into debt all the time, 228 00:07:22.360 --> 00:07:24.920 because the thing is, is when you're in a business relationship, 229 00:07:24.920 --> 00:07:25.680 you're in a marriage, 230 00:07:25.680 --> 00:07:27.720 and their extra kicker of life 231 00:07:27.720 --> 00:07:29.160 is going to get dragged into the business. 232 00:07:29.160 --> 00:07:31.440 I promise you. 233 00:07:31.440 --> 00:07:32.760 I promise you. 234 00:07:32.760 --> 00:07:34.440 It is going to get dragged in, right? 235 00:07:34.440 --> 00:07:36.640 And so you've got to look just like you, 236 00:07:36.640 --> 00:07:38.280 you marry the girl, you marry the family, 237 00:07:38.280 --> 00:07:39.360 that whole thing. 238 00:07:39.360 --> 00:07:40.800 It's the same thing with business. 239 00:07:40.800 --> 00:07:43.040 If like, they've got all this crazy stuff 240 00:07:43.040 --> 00:07:44.320 going on in their personal life, 241 00:07:44.320 --> 00:07:46.320 it's a great way to guarantee that that stuff 242 00:07:46.320 --> 00:07:48.400 is going to trickle into your business. 243 00:07:48.400 --> 00:07:51.080 And the thing is, is if you have an unreliable partner, 244 00:07:51.080 --> 00:07:52.720 creates an unreliable relationship, 245 00:07:52.720 --> 00:07:54.120 which creates an unreliable business. 246 00:07:54.120 --> 00:07:56.320 And so it's a great way to have a terrible partnership. 247 00:07:56.320 --> 00:07:58.440 All right, and so when we're thinking about partners, 248 00:07:58.440 --> 00:08:00.280 big picture, I give you two frameworks 249 00:08:00.280 --> 00:08:01.280 and then some in-between. 250 00:08:01.280 --> 00:08:03.080 So framework one is that they got to have knowledge, 251 00:08:03.080 --> 00:08:04.520 money, or time that you don't have. 252 00:08:04.520 --> 00:08:08.480 If both of you have the exact same experience, knowledge, time, 253 00:08:08.480 --> 00:08:10.560 and money, one of you isn't required. 254 00:08:10.560 --> 00:08:11.400 And now, crazy. 255 00:08:11.400 --> 00:08:12.920 The thing is, is just because you need something, 256 00:08:12.920 --> 00:08:15.080 for example, if I need an accountant for a business, 257 00:08:15.080 --> 00:08:17.040 it doesn't mean I have to partner with my accountant. 258 00:08:17.040 --> 00:08:18.400 It just means I have to pay them for services. 259 00:08:18.400 --> 00:08:19.360 So just because you have a need, 260 00:08:19.360 --> 00:08:20.600 it doesn't mean they have to have equity. 261 00:08:20.600 --> 00:08:22.440 All right, so big a hot moment here. 262 00:08:22.440 --> 00:08:23.840 If you're like, well, I don't know how to do that. 263 00:08:23.840 --> 00:08:25.960 And he does, it's like, well, can you pay someone to do it? 264 00:08:25.960 --> 00:08:27.560 Like, equity is the most expensive thing 265 00:08:27.560 --> 00:08:28.800 that you give up in a relationship. 266 00:08:28.800 --> 00:08:30.840 So you want to make sure, if you especially want to build 267 00:08:30.840 --> 00:08:32.760 something big, that you're giving away equity 268 00:08:32.760 --> 00:08:34.840 to people who are going to really drive the growth. 269 00:08:34.840 --> 00:08:36.640 And you have to see this thing 10 years in the future, 270 00:08:36.640 --> 00:08:37.880 which no one thinks 10 years in the future. 271 00:08:37.880 --> 00:08:39.280 Anyways, which is why everyone's small. 272 00:08:39.280 --> 00:08:40.600 Okay, so, boom. 273 00:08:40.600 --> 00:08:42.800 So knowledge, money, time, you got to check those boxes, 274 00:08:42.800 --> 00:08:43.680 make sure that you're aligned there. 275 00:08:43.680 --> 00:08:45.640 Next one is expectations, agreements. 276 00:08:45.640 --> 00:08:47.280 All right, make sure that they're equitable, 277 00:08:47.280 --> 00:08:48.680 make sure that they're well understood, 278 00:08:48.680 --> 00:08:50.240 and make sure that they're documented, right? 279 00:08:50.240 --> 00:08:52.480 If you do those things, then it's very, very, 280 00:08:52.480 --> 00:08:53.800 it's much less likely that you're going to have 281 00:08:53.800 --> 00:08:54.640 a terrible partnership. 282 00:08:54.640 --> 00:08:56.240 You can solve one, but it's much less likely. 283 00:08:56.240 --> 00:08:59.080 All right, and point of this is to guarantee a terrible partnership. 284 00:08:59.080 --> 00:09:01.520 All right, now, the next big framework is that 285 00:09:01.520 --> 00:09:03.200 mission, values, and similar interests, 286 00:09:03.200 --> 00:09:04.680 it actually works the same way in marriages, 287 00:09:04.680 --> 00:09:06.720 as does in partnerships, and to be real, 288 00:09:06.720 --> 00:09:07.840 it's very similar. 289 00:09:07.840 --> 00:09:09.960 So you got to make sure that you want to do the same thing 290 00:09:09.960 --> 00:09:10.960 with the business big picture. 291 00:09:10.960 --> 00:09:13.160 You got to make sure you want to do it the same way, right? 292 00:09:13.160 --> 00:09:15.280 And then you got to have similar interests in lifestyles, right? 293 00:09:15.280 --> 00:09:17.240 Which is making sure that they don't have a messy life, 294 00:09:17.240 --> 00:09:19.080 which is you want to be proud to associate 295 00:09:19.080 --> 00:09:20.640 with the other person that you're doing business. 296 00:09:20.640 --> 00:09:22.360 And I'm saying proud, not okay with, 297 00:09:22.360 --> 00:09:23.640 but proud to associate with them. 298 00:09:23.640 --> 00:09:25.080 You want other people to meet them, 299 00:09:25.080 --> 00:09:26.320 just like you want to meet, you know, 300 00:09:26.320 --> 00:09:27.280 the grown meets, the parents, 301 00:09:27.280 --> 00:09:28.880 you want to be proud to present this person, 302 00:09:28.880 --> 00:09:30.160 not like that crap, right? 303 00:09:30.160 --> 00:09:33.360 Big picture, great ways to guarantee a terrible partnership, 304 00:09:33.360 --> 00:09:34.520 is if you do all those things. 305 00:09:34.520 --> 00:09:36.200 All right, so on the flip side, 306 00:09:36.200 --> 00:09:38.480 make sure that if time, money, and knowledge 307 00:09:38.480 --> 00:09:39.840 that you don't have, right? 308 00:09:39.840 --> 00:09:40.920 Either they got money, you don't have, 309 00:09:40.920 --> 00:09:42.600 they got time, you don't have, they have knowledge, 310 00:09:42.600 --> 00:09:44.040 you don't have, or experience, right? 311 00:09:44.040 --> 00:09:44.920 So they can bring something that's 312 00:09:44.920 --> 00:09:45.760 able that you don't already have. 313 00:09:45.760 --> 00:09:47.840 So one of you are both of you are required 314 00:09:47.840 --> 00:09:50.440 and that the company grows based on the shared skill sets 315 00:09:50.440 --> 00:09:51.960 that both of you have, right? 316 00:09:51.960 --> 00:09:54.080 You want to make sure that you set expectations, 317 00:09:54.080 --> 00:09:55.960 that you document them, and that you make sure 318 00:09:55.960 --> 00:09:57.280 that they're equitable, right? 319 00:09:57.280 --> 00:09:59.600 Because if you do that, then it's very unlikely 320 00:09:59.600 --> 00:10:00.800 that you're going to fail, right? 321 00:10:00.800 --> 00:10:02.640 And the next one is that you want to make sure 322 00:10:02.640 --> 00:10:05.520 that there's a line of mission, values, and similar interests. 323 00:10:05.520 --> 00:10:07.000 You want to do with the types of people 324 00:10:07.360 --> 00:10:09.120 who see the world the same way as you. 325 00:10:09.120 --> 00:10:10.840 Have the biggest long-term goals, 326 00:10:10.840 --> 00:10:13.160 and they want to do the process of getting 327 00:10:13.160 --> 00:10:14.440 from where you are to where you want to go 328 00:10:14.440 --> 00:10:15.440 the same way you do. 329 00:10:15.440 --> 00:10:18.080 And the easiest limit test is if you present 330 00:10:18.080 --> 00:10:19.400 both of you with the same data, 331 00:10:19.400 --> 00:10:20.840 would you make the same decision? 332 00:10:20.840 --> 00:10:22.720 If these answers, yes, then you'll have 333 00:10:22.720 --> 00:10:25.600 far less conflict in your partnership over the long while. 334 00:10:25.600 --> 00:10:27.600 And so the idea is, can I find people 335 00:10:27.600 --> 00:10:30.240 who have complementary skill sets 336 00:10:30.240 --> 00:10:32.680 but align mission, values, and interests? 337 00:10:32.680 --> 00:10:35.680 If you can do that, you can make room for a magical 338 00:10:35.680 --> 00:10:37.480 rather than terrible partnership.