TMBA 197 (LBP163) – The Bootstrapper’s Guide to Business Partnerships

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TMBA 197 (LBP163) – The Bootstrapper’s Guide to Business Partnerships post image

 

Dan and Ian are coming at you today with some insight into what could be the most costly decision you’ll make in your business careers.  Many don’t think about it in terms of cost, but in this episode, Dan and Ian will make it abundantly clear why you should, and how to look at partnerships in a way that is mutually synergistic.

You’ll hear about how Dan and Ian’s partnership is more of a marriage and how they manage to keep their ship afloat.  Tune in to get partnership advice straight to your earbuds that only personal experience can teach.

A Partnership is a Sinking Ship…

  • The biggest mistake Dan and Ian made when they started their original partnership.
  • Why you need to plan for success in the future, not just for the immediate needs to launch the business.
  • How side projects actually restrict your flexibility instead of increasing it.
  • Resentment management and why it’s one of the most critical aspects of running a partnership.
  • How “the race of who can do less” might have you in it’s icy grips and what you can do to escape.

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Episode length: 29:25

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Published on 07.04.13
  • http://www.chrisducker.com/ Chris Ducker

    Great episodes, guys. Thanks for the mention at the top of the show, too.

    Dan – we discussed this a little, when you were in town. It’s a topic that will come and go for me all the time, I think.

    I like the idea of even having a partner, at a distance, for the right business model. My problem has been finding someone that:

    a) Can bring as much to the table as I can (not money, other things), and
    b) Will give a shit as much as I will.

    So far its been a nightmare to get someone with that combo – perhaps I’m destined to go down this entrepreneurial life path on my own… that’s cool. But, it would be hella cool if I had someone like Ian to push me around, too!!!

    Keep rockin’.

    C

  • http://www.onehitko.com/ Ed

    I told my potential business partner to listen to this one!

  • http://tradlands.com/ Jeremy

    I just bought a band for the road and your mention of rows and lat work helped me think of new techniques I could use with the band instead of free weights. Thanks!

  • http://www.tropicalmba.com Dan

    yeah buddy!!!

  • http://www.tropicalmba.com Dan

    hopefully they are still down !!!

  • http://www.tropicalmba.com Dan

    thanks Chris, anybody who manages to get a deal done with you will be a big winner … btw I moved over to the Radisson based on your advice for my own “entrepreneurial jam session.” thanks for the tip ! :D

  • http://www.onehitko.com/ Ed

    The unintended effect was that he keyed in on that I’ve done way more work on this business so far, so he feels a bit behind. I don’t feel like that would be true going forward if he commits, though.

    Thanks guys. This has been my favorite podcast for quite some time now, and I just recently left my full time position that I held for the past 15 years.

  • http://www.tropicalmba.com Dan

    Nice thanks for that Ed and best of luck with the partnership!

  • Timothy Mayer

    This is my favourite episode of your series and I’ve listened to it many times.
    Is there any way I could see a copy of this “Memorandum of Understanding” you did for your partnership? If not, any ones on line you could reccomend as a model?

  • http://www.tropicalmba.com/ Dan

    Hey Timothy, thanks for that! I haven’t seen other examples out there. Here’s the headings on our document:

    DESCRIPTION:
    OBJECTIVE:
    OWNERSHIP STRUCTURE:
    FINANCIAL:
    VISION FOR SUCCESS:
    START-UP PHASE:
    HARD COSTS SPREADSHEET:
    DISPUTE MEDIATION AND ARBITRATION:
    KEY COMPETITION:

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