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Business Partnership

Business Partnership


Hey, it’s Marie Forleo and you are watching
MarieTV, the place to be to create a business and life you love. And this, yes, today, this, is Q&A Tuesday. And today’s question comes from a lovely
lady named Natalie, and Natalie writes: “Hi Marie. First off, I love, love, love your show. You are so funny and fun.” Thank you so much. “I have a Q looking for your A. I’m a
holistic health coach. I just graduated last week and I’m officially
starting my business this October. I’ll be moving to Los Angeles from Seattle
and I’m thinking of getting into business with my best friend, who is also a health
coach, and currently lives there. We both bring different things to the table. I’m big into marketing and PR, and he already
has a network in LA and is a social media maniac. I just don’t want to dilute my brand before
I even get going by teaming up. Is it ever a good idea to team up right at
the start? I also know our work ethics aren’t exactly
the same. I’m a super Sagittarius and when I want
something I go after it full force. He’s less ambitious and has already told
me he plans on working less than 6 hours a day. I love him and I wanna work with him, but
not sure if teaming up is such a good idea. If we do team up, do you have any suggestions
of things we should discuss before making this partnership official? And if we don’t, do you have suggestions
for other ways we can work together? Thanks so much. So lucky to have stumbled upon MarieTV. XO Natalie” Natalie, that is a fantastic and very big
Q that we are gonna A the crap out of right now, so strap yourself in. Here’s the deal, most people jump into business
partnerships way too fast and they wind up paying the price for it down the road emotionally
and financially. You asked if it’s a good idea to ever partner
up as you’re getting going. Now, of course, there’s a lot of businesses
that are very successful that have been partnerships from the get go. And there’s a lot of other businesses who
have partnered up in the beginning and have blown up and have gone terribly wrong. So the thing you need to ask yourself is this,
do you wanna partner up because you really wanna partner up? It’s the best thing to do? Or are you afraid that you’re not gonna
be able to make it on your own? Based on how you asked your Q, I think you
already know the answer to this one, that partnering is not such a great idea in this
circumstance. But, let’s dig a little bit deeper because
I saw 2 red flags in your question. Red flag number one, different work ethics. So, getting any business off the ground takes
an enormous amount of work over an extended period of time. So 12 to 16 hour days, especially in the beginning,
are not uncommon. You told me that your friend is a little less
ambitious and that he’s only planning on working less than 6 hours a day, God bless,
and you’re a full forced kind of gal. So right off the bat, that’s a huge red
flag and I don’t think that that would work out very well. Second red flag is diluting your brand. So one of the things that you mentioned is
that you wanna build your own personal brand. Now, if you partner up right from the get
go, you’re not really building your brand, you’re building the partnership’s brand. And that can be a really difficult thing to
extract yourself from later down the road. So, if you’re truest desire is to build
your own personal wellness brand empire that’s based around you, again, I would not suggest
partnering up right at the beginning. So you also asked that if you guys do team
up, do I have any suggestions about what you should discuss before you make the partnership
official? And, oh Lord, do I! Here’s the thing, if you’re gonna go into
partnership with anyone, you need what I call a business prenup. This is a legal document that explains exactly
what’s gonna happen if one of you wants to leave the partnership or, God forbid, one
of you dies. Here’s something I want you to remember,
and yes, it’s a tweetable. “The best partnerships handle the worst
case scenarios in advance.” You have to think through the worst case scenarios
in advance. Just like intimate relationships, at first
everything is awesome. Everybody loves each other and you’re like,
“Oh, we’re never gonna disagree about anything.” But even in the best relationships, challenges
come up. And, yes, sometimes you want to leave or you
want the other person to leave. So if that day comes, you both need to understand
exactly how to deal with: The assets of the business – How will you
split profits and handle liabilities? Who gets ownership of your customer list? Mailing list? Websites? Intellectual property? Any equipment? The processes and systems you’ve built? The graphics, branding, photo assets, etcetera? You have to have all of this agreed upon from
the get go. It’s the responsible thing to do for your
business and for your friendship. Now, here’s the thing Natalie. You and your friend can still leverage each
other’s strengths to help grow your businesses without going into business together. One idea is you guys can just mastermind. You can meet up once every 2 weeks, you spend
an hour working on his business, devoting all of your best ideas to help him, and then
you switch and you guys spend the next hour working on your business and he helps you. Another option is for you guys to send each
other the business overflow. So if you’re fully booked up, you can send
him clients and if he’s fully booked up, he can send you clients. So, Natalie, that is my A to your Q. Thank
you so much for asking it. Good luck on your new life in Los Angeles. Please let us know how it goes. Now I wanna hear from you. Have you ever gone into business with a friend? Did it work? Or not so much? Either way, I bet you’ve got some valuable
lessons, some do’s and don’ts that you wish someone would’ve told you at the get go. As always the best stuff happens over at MarieForleo.com,
so go there now, leave me a comment, and tell me all about it. Did you like this video? If so, subscribe to my channel and share it
with your friends. And if you want even more awesome resources
to create a business and life that you love, plus personal insights from me that I just
don’t share in video, get your butt over to MarieForleo.com and sign up for email updates. They’re awesome. Stay on your game and keep going for your
dreams. The world needs that special gift that only
you have. Thank you so much for watching and I’ll
see you next time on MarieTV.

Comments (46)

  1. This video has some valuable advice, because I'm in a situation very much like that at the moment. I lead a small team of people who are heading towards the animation industry, while my friend leads a team that's heading towards the gaming industry. We are very good friends and have talked plenty of times about collaborating with each other. In fact, we are both members of both teams. I will show him this video because one day, we could even make a PC game based on my web series, Uniques United.

  2. @ 4:54 Is the best advice. Keep your branding to you and mastermind with him. His work environment might be a great referral base for you with clients he meets that want more than he can offer. You both win by masterminding but you don't lose by keeping your branding efforts to just you.

  3. Great Video Marie, I think the Red flag markers are crucial for success in partnership, keep the videos coming!

  4. really really solid A's to those Q's! Thank you, Marie, for helping to enlighten our world in the realms of personal relationships AND business ones too! you ROCK, lady! have fun settling into LA life. if you get to NorCal (Sonoma Valley Wine Country) or Tahoe, look me up!

  5. Hi Marie, great video! Yes, you are totally right. Getting into business with your best friend can be very rewarding and challenging at the same time! I like what you said regarding the red flags. Not only in a business partnerships but also by working with clients or dealing with other entrepreneurs, seeing red flags help you to be successful and for your own sanity. Love all your video, so entertaining and educational!

  6. Nice A to the Q Marie, tell Elsa's to keep up the good work =P, one thing i would do his hire him to do some soical media for the company. of course then he could hire her as well, as for partnership that last partnership if you want to call it that wanted the money up front so i gave that too them and well it did not end well.

  7. I have been in a partnership that went downhill. I've decided that if I'm going to partner now, that it is a very limited type of partnership. JV partners over a single product for a defined period of time. If it's my idea and it's my brand, you can share in the profits, but you can't have the assets.

  8. Well said! You are sooo good Marie!

  9. I haven't gone into business with a friend but my husband and I are working together. It's a steep learning curve but so far, enjoyable!

  10. I would be pumped if I could work 12-16 hour days! I share a phone computer and apartment with 3 other people so I would not be able to yet. Anyways, I wouldn't consider forming a partnership since my business model works best with independent people. Thanks for the great video!

  11. I went down the partnership hill very early on and was very lucky to be able to get out of it just in time, before my dream completely changed direction! Excellent advice Marie 🙂

  12. Very amazing advise Marie

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  21. I want business partner in the Philippines 09463702726

  22. thanks for making such a great video

  23. This was extremely helpful. Thank you very much! Not only did you assess the question well but gave me some insight into clarifying what my friends and I are doing together! Sometimes I get frustrated because even after 2 years of working together with my two other friends on creative projects I still want to first focus on supporting myself.

  24. I learned, that you need to verify terms and conditions both of you or more have. treat the business like a big business and keep your legal structure solid. trust but verify. a little skepticism is always healthy and have an exit strategy before even starting; I was in a general partnership, and the individual (my friend) sold me on a false partnership for a comercial cunstruction company through a high net worth individual, ignoring the previous rules I stated earlier resulted me In big capital losses (on which I never got back because of no proof of paperwork) not to mention personal debt, a 300 credit score drop, threats from the bank to repo my car and almost go homeless. So when I say trust but verify, I mean it; regardless of that negative experience I learned a lot and have been Able to find more business deals as well as well as legitimate partnership opportunities. You bet I'm way cautious now and have the ability to say no or reject the offer If I don't see it fit to my requirements.

  25. I agree with your idea of business partnership. Now I've been on my business partnership with one of my friend (not my bestfriend though). In the beginning I planned to make some agreements with him in any of the worst case, including the share of assests, branding, profit, etc. But as time went by, we didn't have that kind of agreement. Now we've been through our business partnership for almost one year and I think now that our mission is different and I have the idea to make this business bigger 'by my own". It doesn't matter for me to make a new brand and modify the system a bit since I have figured out about this business deeply. The other thing is I want to deal with this business as my full-time job and he is working in his full-time job now, perhaps in the future as well. Therefore I figure out to run this kind of business by myself. Do you have any suggestion for this kind of condition? Especially how to end my partnership business on the best way without break our friendship and of course end it fairly in terms of our assets, profit, etc? Thank you in advance for any of your suggestion 🙂

  26. hello i search for a partner to invest in the field of bitcoin farming pool
    if any is interst contact me mon my mail :[email protected]

  27. u nailed it..great advice ..I learned the hard way unfortunately. but it's ok we all learn from our mistakes .once again great advice

  28. Partnerships fail so often because it always turns into a who's doing more work than who fiasco. Because people are stupid.

  29. You are the first woman ever that thinks like a man, almost all women shallow-minded & naive

  30. just like a marriage I'd also make sure both people have the same vision you are working to manifest, the same values, morals, goals etc… do you actually want to build the same thing and are your unique skills a great match to make that happen meaning does each person fill a unique position the other can't or at least not as well.

  31. Hey Marie. One time I started a business with a friend. I know you asked us to tell you about it. Do you read all your comments? You only have 38 and yet you've got 424K subs….that's kinda weird. Do you buy your subs to enhance your brand? Anyway…..so about that business…..one time me and my friend started a business about dog petting. So you would get to come leave your dog. and then you got to work. but your dog is alone, right? NOPE. With our biz we had ppl pay us to pet YOUR dogs. Crazy, right? So we got money from the dog owners and ppl who wanna pet dogs. Anyway, my friend ended up being allergic to dogs so it ddin't work and he got hives.

  32. I kind of make my own restaurant because I have love pizza my I want my friend to help me

  33. is that a good idea

  34. I tried it for a year. It does not work. My partner does not have same passion with me, and does not like entrepreneurship.
    It almost ruins our friendship.

  35. Extremely!!! Helpful!!!

  36. Please help me, my friend have a security business,in he want me to become a business partners with him,I need a little advice from u please

  37. My friend ask me to become a business partners with him but I’m afraid don’t know we’re to start I need ur help please please please

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  39. Marie, good video. I have question through. Someone asked me to be partner with them in existing business I am not sure how to look at it. The firm has been around for 8 years and has about 25 employees. I was offered a minor percentage but not sure how to look at it. Thank you

  40. Very amazing advise Marie .

  41. I want to partner with someone who is in small stock business any one out there or outside africa

  42. Nice one. I need a business Partner

  43. Thank you for the insight. And yeees stay on your gaaaame! Wish I would have watched this sooner though. Look forward to learning more from you.

  44. You can spend all that time and still get it wrong, shitty people are master foolers. There are two types of people. Honorable, honest, loyal, hard working, dedicated, curious, selfless, abundant and smart…. and then you have the shitty people who are the opposite of all that. Looking for a PHP Web Engineer Business Partner who's a good soul with Billion dollar abilities and insight. [email protected]

  45. Eighteen people didn't get enough fries, lol.

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