TMBA 623: It's Never Too Late to Find a Business Partner
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When today's guest spoke at our recent event in Mexico City, we were taken by his story because it presented a captivating alternative to the traditional bootstrap business partnerships that we've encountered over the years.
Tommy Griffith is the founder of ClickMinded, an online SEO training course, and he has joined us many times over the years to share the story of that business.
His story took an unexpected turn when he decided to take on a co-founder after he had already been operating his business for five years.
Tommy joins us on today's show to explain how his feelings of being "cornered and surrounded" led to the decision to seek out a late-stage co-founder, what he was looking for in a business partner, how they negotiated equity, and a whole lot more.
Listen to this week's show and learn:
Why Tommy decided to take on a co-founder so late into the trajectory of his company. (4:45)
How to recognize when you suck at something and you need help. (13:05)
What "Effective Equity" is and how you can leverage it. (20:44)
When it makes to find a business partner instead of hiring someone. (37:08)
How Tommy and Eduardo used this practice again to bring in a third partner. (44:18)
Mentioned in the episode:
Before the Exit - Our New Book
Partner With Us
The Dynamite Circle
Dynamite Jobs
Dynamite Deals
Tropical MBA on YouTube
Post a Remote Job
Dynamite Jobs - Remote Recruiting Sales Page
Let's Talk High-Level Podcast Strategy for 1 Hour
Tommy Griffith
ClickMinded
Johnathan Solorzano
Why We Haven't Yet Started a Lifestyle Business Incubator
The 4-Hour Workweek by Tim Ferriss
Paul Graham
Enjoyed this podcast? Check out these:
TMBA370: The Saturday Morning Side Hustle
TMBA495: Going All In on a Side Project
TMBA620: The Upside of Running an Agency
This week's sponsor:
Today's podcast is sponsored by AppSumo.
AppSumo is the #1 digital marketplace for entrepreneurs, and their platform offers a tremendous opportunity to get your product in front of more than a million entrepreneurs, founders, affiliate marketers, and small businesses.
This year, AppSumo has decided to give away their entire $1 million Black Friday marketing budget to their creators.
If you list your product on AppSumo between September 15th and November 17th, the first 400 offers to go live will receive $1000. The next 2000 to list their product will get $250, and everyone who lists will get entered to win one of 10 available $10,000 prizes.
Head over to AppSumo.com/TMBA to find out more, and a big thanks to AppSumo for sponsoring the show.
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Thanks for listening to our show! We'll be back next Thursday morning 8AM EST.
Cheers,
Dan & Ian