Posted on: June 08, 2021

James’ business partner is a longtime friend of his. However, because James feels like he is doing more of the “mule work”, he’s undecided whether he should keep up this partnership or if he and his buddy should part ways.

In this short but sweet episode, Brent Daniels presents the advantages of being in a partnership and going solo. He also offers advice on what to do if you and your business partner are not equally splitting the load.

Key Takeaways

  • If your business partner is not delivering, have an honest conversation with them
  • Brent’s experience with a business partner
  • Decide if a business partner will help you achieve your financial goals
  • Your income is determined by the amount of value you bring to the market
  • Wholesale partners should both be hunting!

 

RESOURCES:

If you are Ready to Explode Your Wholesaling Business, Click here to Book a Free Strategy Session with me right now!

Subscribe to Wholesaling Inc

Episode Transcription

James:
I’m working with a partner, but he’s not calling with me. He’s very smart and he’s a very good numbers guy and that’s his skill and he just radiates the energy of an integrator. Me being a visionary, I’m obsessed with sales, I’m obsessed with marketing, and I want to do this for a while. How do I properly compensate and how do we make this fair? Because I kind of do feel solely just … you know, I’m doing all the, the mule work of the business.

Brent:
Yeah. What’s the relationship, James? How do you know each other?

James:
We’re friends since we were like 11, 12. [inaudible 00:01:18].

Brent:
Fantastic. Well, here’s the thing, James. You got to decide as soon as possible in this business. Do you want to take more money home for you and your family? Or do you want to celebrate the building of this business with your buddy? That’s what it is because the fact is, you will double your income if you do it yourself. The other thing is, money isn’t everything. You know what I mean?

James:
Yeah.

Brent:
You could make all the money and feel good, but then all of a sudden you’re missing out on somebody that’s an important part of your life. You know what I mean? So if it is a true partnership, then you’re just going to have to figure out if that works for you.
Now, a couple of different things that I would suggest, because I think that both of you guys can grow it. I think that you can say, “Listen, once we do 50 deals, once we do 30 deals, once we do a hundred deals, let’s sit down and have an honest conversation with each other and just a business conversation. Let’s just try our best not to bring in a lot of emotions but, and just say, do we want to do this ourselves and build two businesses or stay together?” Okay? Because at that point he knows the systems, he knows the lead generation, he knows how to get it, then he can go off and running.
Let me just kind of give you my personal experience. I had a phenomenal partner. His name is Dustin. Phenomenal, integrator, way smarter than me, way more consistent and reliable. This guy was, we called him Daddy Dustin. Right? Because he was just the most reliable. He had all the stuff, he was incredible. We split up in 2017, we had been business partners for about three years. I was always one hunting, he would sell the deal, then I started coaching and then things kind of got all over the place. He has quadrupled the amount of money he has made. Okay? He has just gone bananas. He is wildly more successful by himself than he was with me. Okay? And vice versa. I mean, mine has gone crazy as well.
So I think that if you have that conversation, you say, “Okay, 20 deals, we’re going to look at this thing and decide,” I think that that’s the smartest way. Because here’s the thing, James, if you’re already feeling like you’re looking over your shoulder while you’re making calls, he’s at the beach or at the lake or on vacation or doing research on where to go next, that’s not a business partner. That’s an employee. That’s the problem. The problem is you gave half your company away for somebody that should just be a lead manager, and I pay my lead manager $25 an hour. Anyway, but that’s just the way it works. If you’re starting to feel that way, then you need to communicate and just figure out. Are you going to hit your financial goals in the time that you want if you have a business partner?

James:
For sure. For sure. [crosstalk 00:04:06] Well, yeah, he’s also interested in being a long-term investor, holding properties and et cetera. His mindset is both framed around ultimately being an investor and I kind of radiate with that as well. So I do think it could be, like you were saying, we just have to have a real conversation, the tough one. Just talk about what we long-term want and what are we willing to do right now for it.

Brent:
James, if you find the deal, and you sell the deal, and you’re doing the customer service with the seller and the buyer and you’re working with it, and you get half of that, you’re going to start getting better, bro. I am telling you, you just get better. You get bitter and then … it’s almost like that girlfriend you don’t want to break up with, you want them to break up with you? You know what I mean? Then all of a sudden you start getting kind of shorter or you’re just, you complain more or you’re just not as peppy and you’re not bringing all that energy and you’re not yet, it just feels awkward. It’s a gross place to be. You know what I mean? It’s just a gross place to be and it just doesn’t feel good. So I would say overcommunicate and just determine if you want to tie your goals into how much money you take home to you and your family and in your real estate portfolio.
You are not responsible for his income. He’s responsible. Your income is determined by the amount of value you provide to the marketplace. So if you’re providing more, inevitably, you guys will split up and he’s going to have to fend for himself. It’s a lot easier if he’s got enough runway and game plan to plan for that if he’s not willing to get on … that’s why anybody, just to let you know James and we’re kind of going long in this but I think there’s a great question, anybody that joins my program that is partnered … I don’t care if they’re husband and wife, but if they’re buddies, if they’re friends, if they’re business partners, I say you both have to be hunting or there’s going to be problems. Because if one person’s hunting and the other one’s gathering, there’s going to be problems. There’s going to be some friction there. Both of you should be hunting. Both of you should be calling. Both of you should be finding opportunities and converting those deals.

James:
Especially at this stage, I feel [inaudible 00:06:17]

Brent:
A hundred percent. As you’re building this thing and he’s not hunting, oohh, what are you doing? You’re giving half away. You’re giving half away. But if he’s willing to hunt, then now we’re talking. If you want to settle this thing in, you guys both want to hunt and go out there and really make an impact, that’s when things work. For sure. Yeah.

James:
Thank you so much, Brent. And shout out to you, shout out to Steve Trang, trying to be one of those hundred millionaires.

Brent:
I love it.

James:
You guys have meant so much to me. You guys have changed, literally changed my life, the projection of my life. I love economics and this seems a direct way to get into it. I’m going to buy you a steak dinner one night.

Brent:
I love it.

James:
I got you guys.

Brent:
I love it, I’m excited for that, James. Thank you. Thank you. The truth is, I mean, nothing happens unless James is making those 15,000 calls, right? He’s implementing, he’s the hero of this thing. So I’ll let a hero buy me a steak dinner.
Little do you guys know, behind the scenes here? Jesse and Mike at 11 o’clock just ate two pound bag of beef jerky. Okay? They are drinking so much water back here because they have like 150 grams of salt inside of them right now.

James:
It’s not going to eat itself.

Brent:
No, it’s not going to eat itself. Yeah, you need to get a little snack here once you get up. So yeah, there you go.
If you’re interested in joining the most proactive group in real estate investing, it is the TTP program. Go to wholesalinginc.com/ttp. I personally mentor you. You get my cell phone. We text, we call. It’s crazy, it’s bananas, right? But it’s the truth, because I want you to be as successful as possible and I want to work with you and I love you. So if you’re interested in that, wholesalinginc.com/ttp. Check it out, scroll down, keep scrolling. The little scroll thing’s tiny because there’s so many testimonials. Nobody has more testimonials. Check it out. If it feels good in your gut, sign up for a call. Till next time. You’re the best. TTP

Leave a Reply

Your email address will not be published. Required fields are marked *

Wholesaling