WEBVTT

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When you're in a business relationship, you're in a marriage.

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And their extra-pickable life is going to get dragged into the business.

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I prerom as you.

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Welcome to the game where we talk about how to sell more stuff to more people in more ways

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and build businesses worth owning.

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I'm trying to build a billion-dollar thing with acquisition.com.

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I always wish pesos, musk, and Buffett had documented their journey.

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So I'm doing it for the rest of us.

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Please share and enjoy.

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I want to give you the keys to having a terrible, terrible partnership.

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And the reason we're going to talk about it in this perspective is because my,

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my, my big hero Charlie Morgan talked about inverted thinking as one of the best ways to solve

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problems. So rather than think, how do I have an amazing partnership?

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Let's think about how would I guarantee a miserable, terrible partnership that would

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definitely ensue in a terrible breakup with lots of lawyers and all the paperwork and just

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honestly, ideally take forever and result in no benefit.

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All right.

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And if you don't know how I am, my name's Alex Mosey.

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I own acquisition.com.

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It's a portfolio of companies that have a hundred million dollars a year.

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I make these because I hope that you make lots and lots of money from them.

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And then hopefully you apply to become a portfolio company with us as long as you're doing,

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you know, three to, let's say, 20 million dollars a year and ideally in internet business.

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Now, that being said, let's rock and roll on how to have a terrible partnership.

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Now, as somebody who has a lot of partnerships, it is taking me a very long time to get here.

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And I have learned a lot along the way and the beauty of having stories is that you can get

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the lessons without the scars.

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And so I will give you, let's see, one, two, three, four, five, six, seven, eight, nine,

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ten, ten different things that you can do to guarantee absolutely atrocious, terrible

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partnership that you wish you could just not live anymore, right?

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That is what's going to happen if we can make this partnership as terrible as we're going

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to shoot for you.

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All right.

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So number one is that we're going to make sure that they have the exact same knowledge

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base as you.

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All right.

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So this person that you're going to do business with knows the exact same stuff of you.

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There's no stuff that they know that you don't know, all right?

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Because that way, one of you is not unnecessary, all right?

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And so this is a great way to have a terrible start to a partnership.

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One of you being unnecessary to begin with, which means both of you are giving away half

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your equity for no incremental benefit.

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It's also not very good for the business because why would you do that?

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So that being said, number one, have the same knowledge base and maybe even if we're being

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crazy, which we are, right?

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Throw in the same experiences, right?

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If you both worked at the same place doing the same thing, why not start a business together

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doing the exact same thing, brilliant.

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I know.

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All right.

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So number two is time, right?

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Make sure that they have the same amount of time as you, all right?

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Or disproportionate.

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And what I mean there is the big three-on-partnerships is knowledge, money time, right?

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Which means they either have to have knowledge you don't have.

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They got to have money you don't have.

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They got to have time you don't have, right?

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And so if you have no time, make sure they don't have time too, right?

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Now, if you do have time and they have time, then you're fine.

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But the thing is, then you'd have to look at one of the other three parts of this

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equation in order to make sure that it's still a terrible partnership, all right?

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So make sure that you're misaligned on time.

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All right.

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The next one is money.

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If you're getting to a partnership, if one of you has money and the other doesn't,

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then that's value that's being out of the relationship.

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But if you're going to partner with somebody and they don't have money,

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that you don't have, and they don't have knowledge that you don't have,

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and they don't have time that you don't have, then why would you do the partnership?

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I don't know, but it is a great way to have a terrible partnership.

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Now, that being said, let's say that somehow we still figured out a way

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that we got in a relationship where one of us didn't have the knowledge,

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never the time we didn't have the money, that the other person had, and we got together.

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Okay, cool.

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There's still more ways that we can, we can torpedo this thing.

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Just wait, buckle up.

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So the next one is that we can make sure that we have different expectations

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of one another and the business, all right?

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So it's like, hey, what do I expect you to do?

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What do you expect me to do, right?

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And those expectations, we want to make sure, and this is number five,

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is that there's no agreements.

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We don't record it anywhere.

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We don't write it down.

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We do it on a handshake because we're old school.

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Yeah, great way to have a terrible business relationship.

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And the reason that people don't want to do that is because usually,

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they don't want to have the hard conversations, all right?

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They don't want to say what happens if this goes wrong, right?

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And like, what do you expect?

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You really expect me to take the trash out every day?

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Like, they want to have this unspoken expectation.

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You have unspoken expectations.

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If you even know what's going to be magical,

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or you don't actually have to have hard conversations with people.

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And if you can't have a hard conversation with a partner

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before even doing business, before you are even married,

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before you, there is even money,

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or sticks on the table, or equity value that's been grown,

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then dear God, you're not going to have a good conversation at the end, all right?

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So if someone's like, I don't do agreements, just walk away.

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I just, I've been doing this like, just walk away.

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It's only like, very, very, very weird people do that.

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Like, banks, banks don't just give you money without expectations.

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Like, come on, like, this is real world.

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And I used to, I remember earlier on,

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I heard someone tell me that, and I was like,

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oh, I don't want to be the guy.

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It's like, I'm the type of person that if you can't shake your hand,

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then blah, blah.

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And I just, I just don't, I just don't trust people that much.

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So the idea for me is make sure the paper says we need to say,

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but then trust the person, right?

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Which is like, I hope that we never have,

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like, we write these contracts

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with the intention of never having to look at them, right?

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But we still use the contract as a vehicle

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to facilitate dialogue around difficult topics

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and to have shared expectations

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in a way that we both understand them and agree, right?

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That is the purpose of the contract.

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It's not to get lawyers involved.

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The purpose of the contract is that we have clear expectations.

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That is why contracts exist.

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Clear expectations on agreements.

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Hey, guys, real quick for those of you guys

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who are $100 million offer of fans.

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I love you.

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I added in a lost chapter that has never been released.

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I'm releasing it now.

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Transparently, I'm doing that to build hype

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for $100 million leads.

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But you will have the unreleased chapter.

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It talks about your first avatar

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and how to segment customers to make more money.

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You can get it by going to acquisition.com

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forward slash leads.

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It's a free exchange for emails so that I can email you

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when we launch $100 million leads

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and so that you cannot miss out on it

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because last time I sold out for like eight straight weeks,

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really fast.

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So that is my way of making sure that y'all get first dips.

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So if we're making sure that we have a terrible partnership,

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we got to have all the same knowledge.

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We got to have disproportionate time and money, right?

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So all those things, time-money knowledge,

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we're all matched on those,

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which means that one of us isn't necessary.

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On top of that, we have different expectations.

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We didn't write it down so there's no agreements.

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And there's no expectations that they communicated

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about what you're going to do what I'm going to do, all right?

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Now, the next one is a big one.

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Give away everything, all right?

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So make sure that you give away everything in the partnership

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and do a disproportionate amount of work at the onset

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because that way you'll just definitely make sure

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that you can go on our resentment

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towards the other person.

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And the flip side can be true too.

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If you know the other person who'd be doing a lot of work,

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then you think yourself, huh?

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Well, I'm going to squeeze as much out of them as I possibly can.

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Well, what's going to happen?

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They're going to resent you.

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And they're going to try and renegotiate later

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once reality sets in.

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So if you can think a few steps ahead of the person,

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rather than saying like, oh, I'm going to get them,

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just say like, hey, I don't know if this is going to be equitable

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in the future, like give them more.

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And you'll actually start to create a relationship

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rather than a negotiated contractual agreement.

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Which at the end of the day, that's all contracts

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you're supposed to do is just outline the expectations

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between two parties.

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That's it.

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All right.

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Now, the next one is that we want to make sure

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that we have not, we want to have a misaligned three things,

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mission, values, and vision, all right?

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Which means that we don't actually want to take this business

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to the same place.

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And this may sound hilarious to you,

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but you would be amazed at the amount of partners

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that we get on the phone with.

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Then I'm like, what do you guys want to do with this business?

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And one person's like, I think we should go this way.

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The other person's like, I think we should go that way.

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I'm like, I think that you should figure that out, right?

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Or one of you shouldn't be here, right?

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Figure it out.

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All right.

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Which is, where do we want to go?

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And the next one is the values,

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which is how are we going to get there, right?

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What are the things that are important to us

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about how we deal with other humans, right?

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What are those values?

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And if some people have different values,

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it becomes very difficult to do business,

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even if you want to accomplish the same thing

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because you want to do it different ways, right?

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And then it'll create endless strife and conflict throughout.

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Now, the last one is what you can consider lifestyle, right?

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Which is, what do you, uh, similar interests lifestyle?

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It's very difficult to do business with somebody.

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If you're like, you're a Dave Ramsey saver

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and you, you know, you're, you live far below your means

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and you're doing business with somebody

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who lives far above their means

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and goes into debt all the time

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because the thing is, is when you're in a business relationship,

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you're in a marriage.

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And their extra kick of your life

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is going to get dragged into the business.

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I promise you.

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I promise you.

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It is going to get dragged in, right?

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And so you've got to look just like you, uh,

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you marry the girl, you marry the family.

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That whole thing, um, it's the same thing with business.

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If like they've got all this crazy stuff

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going on in their personal life,

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it's a great way to guarantee that that stuff

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is going to trickle into your business.

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And the thing is, is if you have an unreliable partner,

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creates an unreliable relationship

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which creates an unreliable business.

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And so it's a great way to have a terrible partnership.

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All right. And so when we're thinking about partners,

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big picture, I give you two frameworks

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and then some in-between.

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So framework one is that they got to have knowledge,

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money or time that you don't have.

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If both of you have the exact same experience, knowledge,

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time and money, one of you isn't required.

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And now crazy, the thing is just because you need something.

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For example, if I need an accountant for a business,

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it doesn't mean I have to partner with my accountant.

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It just means I have to pay them for services.

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So just because you have a need

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doesn't mean they have to have equity.

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All right. So big a hot moment here.

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If you're like, well, I don't know how to do that.

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He does. It's like, well, can you pay someone to do it?

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Like equity is the most expensive thing

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that you give up in a relationship.

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So you want to make sure,

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if you especially want to build something big,

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that you're giving away equity to people

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who are going to really drive the growth

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and you have to see this thing 10 years in the future,

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which no one thinks 10 years in the future,

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anyways, which is why everyone's small.

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Okay. So boom.

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So knowledge, money, time, you got to check those boxes,

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make sure that you're aligned there.

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Next one is expectations, agreements.

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All right. Make sure that they're equitable,

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make sure that they're well understood,

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and make sure that they're documented.

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Right. If you do those things,

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then it's very, very as much less likely

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that you're going to have a turbo partnership.

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You can solve it, but it's much less likely.

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All right. And point of this is to guarantee a turbo partnership.

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All right. Now, the next big framework

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is that mission, values and similar interests,

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it actually works the same way in marriages,

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it doesn't partnerships and to be real,

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it's very similar.

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So you got to make sure that you want to do

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the same thing with the business big picture.

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You got to make sure you want to do it the same way, right?

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And then you got to have similar interests and lifestyles,

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right, which is making sure that they don't have a messy life,

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which is you want to be proud to associate

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with the other person that you're doing business with.

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And I'm saying proud, not okay with,

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but proud to associate with them.

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You want other people to meet them,

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just like you want to meet, you know,

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the girl meets the parents,

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you want to be proud to present this person

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not like that crap, right?

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Big picture, great ways to guarantee a terrible partnership,

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is if you do all those things.

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All right. So on the flip side,

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make sure that they have time, money and knowledge

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that you don't have, right?

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Either they got money, you don't have,

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they got time, you don't have,

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they have knowledge, you don't have, or experience, right?

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So they can bring something that's able to,

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you don't already have.

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So one of you are both of you are required.

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And that the company grows based on the shared skillsets

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that both of you have, right?

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You want to make sure that you set expectations,

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that you document them,

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and then you make sure that they're equitable, right?

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Because if you do that,

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then it's very unlikely that you're going to fail, right?

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And the next one is that you want to make sure

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that there's aligned mission, values, and similar interests.

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You want to do with the types of people

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who see the world the same way as you have the biggest

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long-term goals, and they want to do the process

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of getting from where you are to where you want to go

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the same way you do.

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And the easiest limit test is,

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if you present both of you with the same data,

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would you make the same decision?

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If these answers, yes,

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then you'll have far less conflict

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in your partnership over the long haul.

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And so the idea is, can I find people

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who have complimentary skillsets

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but align mission, values, and interests?

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If you can do that,

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you can make room for a magical,

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rather than terrible partnership, all right?

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Keeping awesome as a nation, lots of love.

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Bap!