Let’s talk today about leveraging partnerships.
Business partnerships can be tough, but I’m not a fan of the particular ways that we tend to think of them.
A true collaborative partnership is when you have a business and come together for a strategic purpose with someone else who also has a business.
This kind of partnership creates synergy that allows you to do more together than either of you could do alone.
Instead of a partnership agreement, you can also do a joint venture agreement.
When the project is over, there is no legal entity binding the two companies together, so they can split and then come back together if they want to later on.
These strategic collaborations can be very powerful.
It’s risky and takes a lot of overhead and infrastructure to do too many things under one umbrella – even your own.
If you find other people with unique abilities that they are very good at, going into a joint venture can be a great way to build leverage in your marketplace, and in your own business momentum.
But you’ve got to look for business people who think the right way.
Someone whose very first question is “What’s in it for me?” is probably the wrong person for a collaborative partnership.
You need someone with a long-game outlook on life, so that your relationship is about looking for the bigger piece and bigger synergy.
People who are needy for cashflow may not be the best people to go into partnerships with, although it’s more understandable if a company is just starting.
You want to make sure that both of you are adding value. Everyone brings something to the table: capacity, labor, resources, technical aspects, equipment, or capital.
Weighing all of these factors will help you determine your split.
But get everything down on paper – your endgame and what you both want.
Working with good people can make these types of partnerships relatively easy.
I’ve done it many times and can vouch for it being one of the best things you can do in life.
To your freedom!
P.S. Want to learn more? Join me for a two day intensive: www.freedomfounders.com/sep-workshop.
P.P.S. Whenever you’re ready, here are some other ways I can help fast track you to your Freedom goal (you’re closer than you think) :
1. Get Your Free Retirement Scorecard:
Benchmark your retirement and wealth-building against hundreds of other practice professionals and get personalized feedback on your biggest opportunities and leverage points. Go to www.FreedomFounders.com/Scorecard to take the 3 minute assessment and get your scorecard.
2. Attend A Workshop:
If you’re committed to Freedom, but still building a practice, paying down school debt, or growing investment capital, our hands-on Freedom Blueprint Workshops are your entrance ramp onto the fast track! Visit www.freedomfounders.com/workshop to claim your seat!
3. Apply To Visit The Mastermind:
If you’d like to join dozens of dentists, docs, and practice professionals on the fast track to Freedom (5-7 years max), visit www.freedomfounders.com/step-1 to apply for a seat.
4. Want to Work Directly with Me?
If you’d like to work directly with me and a small group of my closest investment colleagues, with direct access to the dealmakers and asset classes that I invest in, just send a message to my Executive Assistant (Lindsey@FreedomFounders.com), and put “Fast Access” in the subject line. Or, call (972) 203-6960 Ext 144 and leave a brief voicemail for Lindsey. Let her know you’re interested in the Fast Access program – we’ll set up a time with you to talk, find out about your goals, and see if there is a fit.