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.Returning to ourchess analogy, the rook or the castle represents the people you put in your business.Thisincludes employees, partners and investors, and advisers.THE BUSINESS MARRIAGE: PARTNERSA business partner is like being married.It either works fabulously or it ends in fiery divorce.Three years ago, Jim and Mike were drinking beer at a bar and a legendary idea wasborn that compelled them to start a business together.Their only consideration for theunion was their excitement.They agreed to do a 50/50 profit split and zealouslybegan.Mike finds their first client, while Jim finds the second.Within a few months, theirclient base expands to 28, enough for both of them to draw a profit and quit theirdaytime jobs.After two years, Jim s time on the job and quality of work starts tosuffer.Not that Mike knows what Jim is doing every minute of the day, but he noticessomething that concerns him.For every four clients Mike brings to the company, Jimbrings one, and sometimes, none.He later learns that Jim read a book that advocatesworking four hours a week.And to make matters worse, Jim s clients are notsupported well and Mike has to take up the slack; yet every Friday, like clockwork, Jimis there to get his 50/50 cut.When Mike brings this to Jim s attention, Jim gets defensive, and tensions mount.This confrontation only decreases Jim s productivity to where he sometimes doesn tTHE) MILLIONAIRE) FASTLANE:) Crack) the) Code) To) Wealth) and) Live) Rich) for) a) Lifetime.)Copyright) 2011:) Unlawful) distribution) or) reproduction) is) strictly) prohibited.) have new clients for months.Mike tries to dissolve the partnership, and Jim resists.Why shouldn t he? He s collecting 50% profits off of Mike s efforts.Mike ultimatelyhas to hire a lawyer and seek a legal remedy.A few years later, the partnership isdissolved and, along with it, Mike and Jim s friendship.Partnerships are marriages.After the love affair and the lust wears off, they must survive oncharacter, synergy, and complementary attributes.My early entrepreneurial ventures were allpartnerships, and all miserable failures.Not that my partners were bad people, but our workethics, values, and visions were not compatible.I remember one partner had a normal 9-5 joband was active in intramural sports; the business was number four or five on his priority list.The other partner was out working four other businesses, including ours.That left my businessand me, which was priority numero uno.Do you see an issue here?Search the Fastlane Forum for partnership and you ll find a garden of complaints aboutpartnerships gone bad.One partner wants to expand, the other wants to brand.One partnerwants to advertise, the other wants to develop.One partner wants the expensive cars and themoney yet arrives at the office late and leaves early.Partnerships are like marriage half thetime they will fail because the partners just aren t compatible. They say you should partner with people who have complementary skills to you.If I m amarketing guy, I should partner with a technical guy.If you re a sales-and-people guy, youshould partner with an analytical guy.While this is a great starting point to find a partner, it slike marrying the first person you date simply because they have big boobs or look like BradPitt.Many other personality characteristics will make or break a partnership." Do you have the same work ethic? Will your partner skate" while you burn the midnight oil?" Do you have the same vision? Or will they compete with each other?" Do you want to grow slowly while your partner wants to own the world and do it fast?" Do you want to sell franchises while your partner just wants one unit that pays thebills?" Do you trust this person with your life?" Do you have the same personality type?The fact is people engage in partnerships for the wrong reasons.Like people start businessesunder false premises (not need-oriented), they also form partnerships under a similar falsepremise: Diversification.The partners don t seek synergy; they seek diversification of risk,expense, and workload.Often, each partner looks to the other for the burden to bear, and whenTHE) MILLIONAIRE) FASTLANE:) Crack) the) Code) To) Wealth) and) Live) Rich) for) a) Lifetime.)Copyright) 2011:) Unlawful) distribution) or) reproduction) is) strictly) prohibited.) one bears more, resentment builds.Partnerships can work, just like a lot of marriages work.Just make sure you know whom you re engaged to.A two-week honeymoon with your collegeroommate might not be enough courtship to determine compatibility.Would you marrysomeone after two weeks of dating?GET A+ A SI ve had many verbal negotiations with investors, and when the 90-page legalese documentarrived on my desk, what was said and what was written were two different things.Wediscussed an amortized note at 10% over 5 years, so why does it say 5% over 10? Who exposedthe incongruity buried in an avalanche of legal jargon? Not me.It was my attorney.Then there was the time when a simple omission of a business expense can cost you thousandsof dollars in taxes.Who knows that $38,000 interactive voice response system is depreciablewhen you think its just some overpriced telephone system? An accountant.If I didn t have good team of A s accountants and attorneys I d be poorer.And yes, thesepeople aren t easy to find because they re like partners under contract, another group ofindividuals who have the keys to your castle.Don t be an idiot like me.Still green, I remember my first accountant, found right out of theYellow Pages not from referral, but blind hope.It didn t take long to see that she wasn tconcerned with tax planning.No questions about my business or my concerns, just zeal tocomplete the forms and get it done.Additionally, most of her clients were Slowlaners whodabbled with W-2s and 401(k)s rather than corporations.Great pick, MJ.I needed someonewith a Fastlane business mindset, and I committed to finding one.After interviewing andinvestigating a half-dozen accountants, I found one whose clients were primarily businessowners.Be very careful with whom you trust with the keys to your castle because they can drive you tofinancial ruin.Remember Nicolas Cage; his manager allegedly drove him to the precipice offinancial ruin.Investigate and interview.Get referrals from successful, establishedentrepreneurs.Treat your two A s like you would any partner, because they have unfetteredaccess to your castle, and those with the keys have the potential to steer you wrong.VERIFY FIRST, TRUST LATERWhen you blindly trust others to anything business, financial investments, security you revulnerable to being conned.There s an old beer commercial in which a couple is driving down a dark country road and theyspot a hitchhiker with a case of beer and a live chainsaw.The driver wants to pick up thehitchhiker because he advertises something he wants the beer but is blind to the chainsaw.THE) MILLIONAIRE) FASTLANE:) Crack) the) Code) To) Wealth) and) Live) Rich) for) a) Lifetime [ Pobierz całość w formacie PDF ]
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.Returning to ourchess analogy, the rook or the castle represents the people you put in your business.Thisincludes employees, partners and investors, and advisers.THE BUSINESS MARRIAGE: PARTNERSA business partner is like being married.It either works fabulously or it ends in fiery divorce.Three years ago, Jim and Mike were drinking beer at a bar and a legendary idea wasborn that compelled them to start a business together.Their only consideration for theunion was their excitement.They agreed to do a 50/50 profit split and zealouslybegan.Mike finds their first client, while Jim finds the second.Within a few months, theirclient base expands to 28, enough for both of them to draw a profit and quit theirdaytime jobs.After two years, Jim s time on the job and quality of work starts tosuffer.Not that Mike knows what Jim is doing every minute of the day, but he noticessomething that concerns him.For every four clients Mike brings to the company, Jimbrings one, and sometimes, none.He later learns that Jim read a book that advocatesworking four hours a week.And to make matters worse, Jim s clients are notsupported well and Mike has to take up the slack; yet every Friday, like clockwork, Jimis there to get his 50/50 cut.When Mike brings this to Jim s attention, Jim gets defensive, and tensions mount.This confrontation only decreases Jim s productivity to where he sometimes doesn tTHE) MILLIONAIRE) FASTLANE:) Crack) the) Code) To) Wealth) and) Live) Rich) for) a) Lifetime.)Copyright) 2011:) Unlawful) distribution) or) reproduction) is) strictly) prohibited.) have new clients for months.Mike tries to dissolve the partnership, and Jim resists.Why shouldn t he? He s collecting 50% profits off of Mike s efforts.Mike ultimatelyhas to hire a lawyer and seek a legal remedy.A few years later, the partnership isdissolved and, along with it, Mike and Jim s friendship.Partnerships are marriages.After the love affair and the lust wears off, they must survive oncharacter, synergy, and complementary attributes.My early entrepreneurial ventures were allpartnerships, and all miserable failures.Not that my partners were bad people, but our workethics, values, and visions were not compatible.I remember one partner had a normal 9-5 joband was active in intramural sports; the business was number four or five on his priority list.The other partner was out working four other businesses, including ours.That left my businessand me, which was priority numero uno.Do you see an issue here?Search the Fastlane Forum for partnership and you ll find a garden of complaints aboutpartnerships gone bad.One partner wants to expand, the other wants to brand.One partnerwants to advertise, the other wants to develop.One partner wants the expensive cars and themoney yet arrives at the office late and leaves early.Partnerships are like marriage half thetime they will fail because the partners just aren t compatible. They say you should partner with people who have complementary skills to you.If I m amarketing guy, I should partner with a technical guy.If you re a sales-and-people guy, youshould partner with an analytical guy.While this is a great starting point to find a partner, it slike marrying the first person you date simply because they have big boobs or look like BradPitt.Many other personality characteristics will make or break a partnership." Do you have the same work ethic? Will your partner skate" while you burn the midnight oil?" Do you have the same vision? Or will they compete with each other?" Do you want to grow slowly while your partner wants to own the world and do it fast?" Do you want to sell franchises while your partner just wants one unit that pays thebills?" Do you trust this person with your life?" Do you have the same personality type?The fact is people engage in partnerships for the wrong reasons.Like people start businessesunder false premises (not need-oriented), they also form partnerships under a similar falsepremise: Diversification.The partners don t seek synergy; they seek diversification of risk,expense, and workload.Often, each partner looks to the other for the burden to bear, and whenTHE) MILLIONAIRE) FASTLANE:) Crack) the) Code) To) Wealth) and) Live) Rich) for) a) Lifetime.)Copyright) 2011:) Unlawful) distribution) or) reproduction) is) strictly) prohibited.) one bears more, resentment builds.Partnerships can work, just like a lot of marriages work.Just make sure you know whom you re engaged to.A two-week honeymoon with your collegeroommate might not be enough courtship to determine compatibility.Would you marrysomeone after two weeks of dating?GET A+ A SI ve had many verbal negotiations with investors, and when the 90-page legalese documentarrived on my desk, what was said and what was written were two different things.Wediscussed an amortized note at 10% over 5 years, so why does it say 5% over 10? Who exposedthe incongruity buried in an avalanche of legal jargon? Not me.It was my attorney.Then there was the time when a simple omission of a business expense can cost you thousandsof dollars in taxes.Who knows that $38,000 interactive voice response system is depreciablewhen you think its just some overpriced telephone system? An accountant.If I didn t have good team of A s accountants and attorneys I d be poorer.And yes, thesepeople aren t easy to find because they re like partners under contract, another group ofindividuals who have the keys to your castle.Don t be an idiot like me.Still green, I remember my first accountant, found right out of theYellow Pages not from referral, but blind hope.It didn t take long to see that she wasn tconcerned with tax planning.No questions about my business or my concerns, just zeal tocomplete the forms and get it done.Additionally, most of her clients were Slowlaners whodabbled with W-2s and 401(k)s rather than corporations.Great pick, MJ.I needed someonewith a Fastlane business mindset, and I committed to finding one.After interviewing andinvestigating a half-dozen accountants, I found one whose clients were primarily businessowners.Be very careful with whom you trust with the keys to your castle because they can drive you tofinancial ruin.Remember Nicolas Cage; his manager allegedly drove him to the precipice offinancial ruin.Investigate and interview.Get referrals from successful, establishedentrepreneurs.Treat your two A s like you would any partner, because they have unfetteredaccess to your castle, and those with the keys have the potential to steer you wrong.VERIFY FIRST, TRUST LATERWhen you blindly trust others to anything business, financial investments, security you revulnerable to being conned.There s an old beer commercial in which a couple is driving down a dark country road and theyspot a hitchhiker with a case of beer and a live chainsaw.The driver wants to pick up thehitchhiker because he advertises something he wants the beer but is blind to the chainsaw.THE) MILLIONAIRE) FASTLANE:) Crack) the) Code) To) Wealth) and) Live) Rich) for) a) Lifetime [ Pobierz całość w formacie PDF ]