Posted on: June 08, 2021
WI 705 | Partnerships

 

James’ business partner is a long-time friend of his. However, he feels like he is doing more of the “mule work.” This leaves him feeling undecided whether he should keep up this partnership or if he and his friend should part ways.

Partnerships can either be the key to success or failure. You need to communicate with your partner and decide if both of you can achieve your financial goals together. 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.

Wholesaling Quicktip – Are Partnerships The Key To Success Or The Quick Way to Failure

James’ business partner is a long-time 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.

Episode Transcription

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

What’s the relationship, James? How do you know each other?

We are friends since we were 11 or 12.

Here’s the thing, James. You’ve 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. The fact is, you will double your income if you do it yourself. The other thing is, money isn’t everything. You could make all the money and feel good but all of a sudden, you are missing out on somebody that’s an important part of your life. If it is a true partnership, you are just going to have to figure out if that works for you.

Money isn’t everything. You could make all the money but miss out on somebody important in your life.

A couple of different things that I would suggest. I think that both of you guys can grow it. You can say, “Once we do 50, 30, 100 deals, let’s sit down and have an honest conversation with each other.” Just a business conversation. Let’s try our best not to bring in a lot of emotions and say, “Do we want to do this ourselves and build two businesses or stay together?” At that point, he knows the systems. He knows lead generation. He knows how to get it. He can go off and run.

Let me give you my personal experience. I had a phenomenal partner. His name is Dustin. Phenomenal, integrator, smarter than me, more consistent and reliable. We called him Daddy Dustin 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 seal the deal. I started coaching and things got all over the place. He has quadrupled the amount of money he has made. He has gone bananas. He is wildly more successful by himself than he was with me and vice versa. Mine has gone crazy as well.

If you have that conversation and you say, “Twenty deals, we are going to look at this thing and decide.” That’s the smartest way. Here’s the thing, James. If you are already feeling like you are looking over your shoulder while you are making calls. He’s at the beach, at the lake, on vacation or researching 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. I pay my lead manager $25 an hour. That’s the way it works. If you are starting to feel that way, you need to communicate and figure it out. Are you going to hit your financial goals in the time that you want if you have a business partner?

He’s also interested in being a long-term investor, holding properties, etc. His mindset is both framed around being an investor and I radiate with that as well. Like you were saying, we have to have a real conversation, the tough one. Talk about what we long-term want and what are we willing to do now for it.

WI 705 | Partnerships

Partnerships: You need to communicate with your business partner and figure out if you’ll hit your financial goals.

 

James, if you find the deal, you sell the deal, you are doing the customer service with the seller and the buyer, and you are working with it then you get half of that, you are going to start getting better. It’s almost like that girlfriend you don’t want to break up with, you want them to break up with you. All of a sudden, you start getting shorter, you complain more, you are not as peppy, not bringing all that energy and feels awkward, it’s a gross place to be and it doesn’t feel good. Overcommunicate and 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.

If you are 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. We are going long in this but I think that’s a great question. Anybody that joins my program that is partnered, I don’t care if they are husband and wife, if they are buddies, friends, business partners, I say, “You both have to be hunting or there’s going to be problems.” If one person is hunting and the other one is gathering, there’s going to be problems and friction there. Both of you should be hunting, calling, finding opportunities and converting those deals.

Especially at this stage, I feel this is unwanted.

As you are building this thing and he’s not hunting, what are you doing? You are giving half away. If he’s willing to hunt, now we are talking. If you want to settle this thing in, you guys both want to hunt, go out there and make an impact, that’s when things work for sure.

Thank you so much, Brent. Shout out to you, to Steve Trang. Trying to be one of those 100 Millionaires. You guys have meant so much to me. You guys have 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. I’ve got you guys.

The amount of value you provide to the marketplace determines your income.

I’m excited about that, James. Thank you. The truth is, nothing happens unless James is making those 15,000 calls. He’s implementing. He’s the hero of this thing. I will let a hero buy me a steak dinner. Little do you guys know behind the scenes here, Jesse and Mike at 11:00 ate a 2-pound bag of beef jerky. They are drinking so much water back here because they have 150 grams of salt inside of them.

It’s not going to eat itself.

You need to get a little snack here once you get up.

If you are interested in joining the most proactive group in real estate, investing in is the TTP program go to, WholesalingInc.com/ttp. I personally mentor you. You get my cell phone. We text, call, it’s crazy. It’s bananas but it’s the truth because I want you to be as successful as possible. I want to work with you and I love you. If you are interested in that check it out, scroll down, keep scrolling the little scroll things like tiny because there are so many testimonials. Nobody has more testimonials. If it feels good in your gut, sign up for a call. Until next time, you are the best.

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About Brent Daniels

Brent Daniels is a multi-million dollar wholesaler in Phoenix, Arizona… and the creator of “Talk To People” — a simple, low cost, and incredibly effective telephone marketing program…

Also known as “TTP”… it helps wholesalers do more, bigger, and more profitable deals by replacing traditional paid advertising (postcards, yellow letters, bandit signs, and PPC) with being proactive and taking action every single day!

Brent has personally coached over 1,000 wholesalers enrolled in his “Cold Calling Mastery” training, and helped 10,000’s of others who listen to him host the Wholesaling Inc. podcast, watch his YouTube channel, and attend his live events…

A natural leader, Brent combines his passion for helping others with his high energy, “don’t-wait-around-for-business” attitude to help you CRUSH your wholesaling goals as quickly and easily as possible!

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