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How to avoid bad business partnerships
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Brady Gilchrist
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Here are my simple rules for creating winning business partnerships.
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How to avoid bad business partnerships
1.
AVOID BAD © 2013
Brady Gilchrist www.bradygilchrist.com HOW TO BUSINESS PARTNERSHIPS
2.
© 2013 Brady
Gilchrist / Personal Use Only. Commercial Use Prohibited Without License In an entrepreneurial culture doing deals and partnerships is our life blood. After 24 years of working hard to make an impact here are a few of my hard earned lessons. © 2013 Brady Gilchrist www.bradygilchrist.com
3.
Learning how to
pick the right business partners is the most important business skill you will ever acquire. © 2013 Brady Gilchrist www.bradygilchrist.com
4.
In life we
rarely get to success on our own. Those we run with make all the difference in the world. ! Partners will either make or break us. © 2013 Brady Gilchrist www.bradygilchrist.com
5.
All business is
ultimately about people working together. ! Skills and experience are important but not as important as how well you can execute together. © 2013 Brady Gilchrist www.bradygilchrist.com
6.
If want others
to work with you articulate your mission, know your difference and do your math. ! Your job is to be 100% certain in the validity of your goal. If you are not 100% then nobody else will be. ! Passion and energy hugely matter but ultimately in business it’s your math that will impress. Intelligent execution is where dreams connect with reality. © 2013 Brady Gilchrist www.bradygilchrist.com
7.
Partners don’t work
for you they work with you. Give them respect and voice. ! Remember partnerships are a melding of collective potential for mutual gain. ! © 2013 Brady Gilchrist www.bradygilchrist.com
8.
If you heed
the suggestions posed on the next few slides you will get well ahead of the game… © 2013 Brady Gilchrist www.bradygilchrist.com
9.
1. Ask the
most trusted members of your network to help you find potential partners. ! Friends and close colleagues especially old ones give the best intros. All partners must be vouched for including you. ! As a rule don’t rely on people who have taken you on wild goose chases. LESSON 1 © 2013 Brady Gilchrist www.bradygilchrist.com
10.
2. Get to
know someone’s passion. ! Winning will take everything. Partners who don’t share the same commitment to direction should not be partners. LESSON 2 © 2013 Brady Gilchrist www.bradygilchrist.com
11.
3. Be literally
on the same page. ! Write down the mission, build the initial plan of attack and agree in writing how you will work together. Very important: Know how the money bits work. ! Handshakes matter but paper provides context. All relationships eventually need some context. ! If you can’t agree on paper you won’t ever. LESSON 3 © 2013 Brady Gilchrist www.bradygilchrist.com
12.
4. Eyes wide
open and don’t be fooled by an empty suit. ! Lot’s of people impress but not everyone is genuine. See things as they are, not as you hope. Track record matters, especially yours! ! What you are doing may be new but past experiences should demonstrate your capacity to win. LESSON 4 © 2013 Brady Gilchrist www.bradygilchrist.com
13.
5. Both must
have skin in the game. Partnerships are sealed by having personal risk and personal gain at stake. ! Unless you both understand the cost of failure and are committed to success something will go wrong. Good intentions are not enough. Money on the table does matter. LESSON 5 © 2013 Brady Gilchrist www.bradygilchrist.com
14.
6. Know the
time. ! In business winning depends on speed. A partner who does not share your sense of urgency is a liability to the mission. ! This is why it can be problematic for entrepreneurs working with bureaucratic organizations. Time is more than money - it’s success. LESSON 6 © 2013 Brady Gilchrist www.bradygilchrist.com
15.
7. Nurture mutual
purpose. ! Your partner may have more financial and market power than you. When there is a power imbalance use that opportunity for both your benefit. A partner who holds power over you could be a problem. Do not ever sell your soul for a deal. LESSON 7 © 2013 Brady Gilchrist www.bradygilchrist.com
16.
8. Change the
world together. ! This is a marriage complete with commingled assets. Nurture success, nurture the mission and be honest in your commitments. Take responsibility for creating positive energy - amplify the good. ! And above all…Do your work. LESSON 8 © 2013 Brady Gilchrist www.bradygilchrist.com
17.
The six golden
principals to great business partnerships. GET TO KNOW SOMEONE’S PASSION.1 KNOW THE TIME. BOTH MUST HAVE SKIN IN THE GAME. 4 BE LITERALLY ON THE SAME PAGE.2 3 NURTURE MUTUAL PURPOSE.5 CHANGE THE WORLD TOGETHER.6 © 2013 Brady Gilchrist www.bradygilchrist.com
18.
The purpose of
a business is to create a and keep a customer.! ! This is the most important piece of business advice in the world. Peter Drucker © 2013 Brady Gilchrist www.bradygilchrist.com
19.
Every business relationship
that’s gone south for me did so because of one major fail: ! We lost the clarity that comes with purpose. ! Be very mindful of purpose. ! © 2013 Brady Gilchrist www.bradygilchrist.com
20.
Cover your bases. Eyes
wide open. Go make it happen. ! You have places to go and MOUNTAINS to move! WWW.BRADYGILCHRIST.COM @BRADYGILCHRIST ©2013 Brady Gilchrist
21.
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