most common questions I get asked from
entrepreneurs is Patrick how do I choose
the right business partner how do I go
about choosing the right business
partner it’s a very very good question
but it’s not a one sentence or two
sentence it’s something that we got a
process together and we’re going to do
that together here you and I but before
getting into it I want take there’s
three things I’m going to cover one six
types of partnership because it’s not
just one type of partnership there’s a
business to is consequence of choosing
the wrong business partner and three how
to go about choosing the right business
partner and prior to getting into all
these processing will do together and
tell your story
so business and marriage are very
similar let me tell you very very
similar the way you marry somebody is
the way you choose a business partner
it’s very very important a lot of times
out of date of a lot of girls before
maybe you’ve dated a lot of men before
or gross before and past relationships
that didn’t work out and I will tell you
how I used to look at somebody to want
to consider as a lifelong partner was
only looks you know only you know a nice
body all that other stuff and then
nothing else came afterwards so if we
bump heads it’s fine if we had similar
personalities it’s totally it wasn’t
that I wanted to dig a little bit deeper
when it comes out to wanting to do that
so my wife and I first we go on our
first date on December 29th and 2007 we
go on the first date
it’s a PF Changs second date I take her
to book store the following days a
Sunday Saturday night is December 29
2007 December 30th is a Sunday we go to
earth cafe we go do the stairs in Santa
Monica and boom I take her to a
bookstores borders which is no longer in
business on our second date I buy her a
book call the hundred and one questions
to ask before you get engaged second
book I take her to the island I said
this can be very awkward I want you to
know that this is you know probably no
man’s going to do this with you have no
desire to just be a partner with you and
enjoy you physically and all this other
stuff which is probably what most men
want I’m looking for a wife and I’m very
clear on what I’m looking for here’s a
book I want you to read before we go
into a serious relationship together I
know you like me I know I like you
but I don’t want this thing she’s
usually a three months relationship we
have fun in it we’re stuck together I
want it to be a real legitimate
relationship she goes she reads the book
a week later were together at the at the
house it took six hours we went through
all the questions to get there very
direct questions tough questions after
the six hours we start dating next thing
you know 15 months later 16 months later
I proposed and we got married a year and
a half later from the day we read the
book a year and a half later we got
married and the rest is history we got
two kids now one on the way as I’m doing
this episode today and so far it’s been
a healthy marriage it’s been a good
marriage lots of ups lots of fights lots
of disagreements lots of challenges lots
of those things but one of the reasons
why I worked out because we asked a lot
of the important questions at the
beginning how many kids do you want to
have who’s gonna handle the finances
what are things that are important you
what type of things you want to give
credit to what matters to you I don’t
care the top of a house we live in but I
need to make sure the Sun comes up this
side Sun comes down I want to see a
light in the house I got to make sure
it’s important to you you know what kind
of a how many kids I mean what are we
going to raise our kids what are we
going to do with this what are we going
to do with that how are you feeling
about church how are you feeling about
every single thing from sex every single
thing from backing from what do you
happen to you know skeletons and they
call everything that we covered together
we talked upfront and why was this
important because later on when it’s
been brought up in relationship or
marriage when we were dating it was
always going back to the book so let me
explain to why I just said that you if
you treat your partnerships the same way
you’re going to prevent yourself from
having a lot of headaches later on in
business that can be handled today just
like a lot of people just meet someone
they love they go in and then they get
married because it’s what we’re supposed
to do instead of really digging deep
with the right questions early on I want
to share with you from all the mistakes
I’ve made in business personal life I’m
going to share with you I’ve had the
wrong business partners I’ve had people
that backstab I’ve had all that stuff
and I’m not saying in a victim way it
happens in with business but you’ve got
to know this is probably one of the most
important episodes to watch that you
don’t just want to watch this you want
to study this this is not something you
watching you drive this is something you
go back
you put it on you take your notepad you
study it and you talk with your partner
about it so let’s get right into it six
different types of partnerships okay
first type of partnership is an equity
partner this is an equity partner
investor this is someone that owns a
piece of the company with you
most people think partnership is purely
5050 it’s not very few companies are
actually owned 5050 the only companies
that are typically owned 5050 are
smaller companies big companies are not
only 5050 it just doesn’t work out that
way right so you know one person may
have six percent of the company one
point eight percent four point nine
percent 13 percent 22 percent 17 percent
everybody is an equity or an investor
their partners they are partners that
you own the company together money’s in
it were vested that’s a different type
of a partnership second type of
partnership is a product partner to me
product partners are just as important
as everybody else you could have a
carrier we when we first started our
financial firm my first couple
partnerships were in partnerships that
we wanted to be married to each other
for a long time they didn’t want to
neither did we we just kind of dated
each other but it was great because we
both got a lot of experience together we
have fun together we have some bad times
together and we both learned that we’re
not a fit ok whoever those partners were
and eventually you’ll learn which are
the better product partners today we
look for real product partnerships the
ones that we have today were real
product partnerships that we wanted to
find with our company three is
executives executives to me our absolute
partners because the way I hire
executives I mean if I told you stories
on how I hire executives you’ll realize
why I hire the way I do because I want
to know a lot about you if you’re going
to be making decisions in the company
without me having to constantly be there
and say do this do that I’m not a
control of what he call it micro
controller I’m not a fan of that I’m
more like when Mark Cuban said about a
year and a half ago Nashville Tennessee
somebody asking do you micromanage he
says not until after I trust you once I
trust you I don’t micromanage anymore
meaning I don’t
after I trust you I micromanage until I
trust you and I perform me trusting
early so I can just let you
your pardon we go from there executives
that are typically hire partners or
especially those that touch money if you
touch money there are a lot of
sensitivity around money just like in
marriage in business there’s a lot of
sensitivity with money but that’s a
partner for different departments
supporting cats marketing operations
compliance Assistant Board of Directors
advisory board these are all to me
partners because you’re not doing all
the marketing yourself somebody else’s
that’s up that’s a that’s a that’s a
partner you’re not doing all the
compliance thing somebody else is to
protect the company that’s a partner
these are partners you can trust to do
marketing operations and compliance for
you the next one is the next one the
vendors consultants legal and CPA
vendors consultants legal and seek’
general counsel plays a very important
role we have three most amazing law
firms that we work with we’re very happy
with them we’ve got strong relationships
with them and they’re very important we
spend a lot of money with them hundreds
of thousands of dollars with them
because they need to do their part
redwood contracts that we have in place
our accounting firm we chose one of the
biggest accounting firms in America
because that’s very critical for you but
I didn’t start off with a big accounting
firm I started off with a small CPA that
ran his own shop until one day we said
you just can’t handle our business
anymore we have to go to one of the top
ten accounting firms in America so to
knowing that’s still a partner because
you’ve got to know your CPA knows what
he’s doing you got to know the lawyer
knows all the legalities of whatever
thing they’re doing for you your vendors
our vendors phone system they got to
deliver our t1 line they got to deliver
the person that comes in marketing
printing clothes these are all strong
vendors it’s a partnership I have very
specific conversations with these
vendors because we’re not just doing
business with you we are partners
together I’m going to help you grow
you’re going to help me grow it’s a very
specific relationship that we have
together the other one is office
building when you lease there is a
important relationship when you either
the relationship with the building
you’re buying a building from where
you’re leasing or you’re going in a
lease with somebody else or sublease or
you’re leasing with a partner I’ve had a
partner
at least an office space with and within
two months he build out for nine months
and I was stuck with this lease for the
other nine months that’s a partnership
and we were connected with checking
accounts and his credit didn’t do well
so I was affected by will my credit I
had to be on him for months until he
finally fixed it because there was a one
penny in the account and I was affected
with that these are all partnerships
that you got to know about right so
these are different types of
partnerships partnership is to think
partnership is only 5050 you are you are
way way way behind business you are
thinking way because all you’re thinking
about is I won’t have for this you on
the other half and that’s pretty much it
no I read a book I think what’s called
parental capacity or something like that
and is that what it was called parental
capacity and he said marriage is not
about just you and the person you marry
it’s about who’s the coach of your kids
who is the tutors who is the teacher who
is the nanny who is the babysitter who
is the father the grandfather the
great-grandfather
the grandmother it’s a supposed to
church you go to who’s the local sports
team it’s a it’s a support T and they’re
all partners and helping raise this
future leader of the world or future
citizen of the world you have a
partnership going on with that same
thing is with business so the more you
look at it this way by the way people
want to do business with you because
everybody has a certain role they play
the success the business now let’s talk
about now let’s talk about consequence
of choosing the wrong business partner
so what happens to two out of three
marriages what do we hear about
constantly well two out of three
marriages end up out of what at a
divorce and that can happen in business
as well and so most people will say well
the number one reason why a divorce
takes place is why because of finances
yes it’s right money has a big role to
play in a divorce but I would say in my
opinion the number one reason for
divorce in my opinion is not enough QA
and asking the right questions initially
before deciding to do this I think we
get married a lot of times with emotion
and we get a divorce with logic we get a
lot of a lover she’s so pretty I love
her so much she’s so amazing I love the
she does this I love the way he makes me
feel we get married but we don’t ask the
tough questions right so let’s talk
about consequences choosing the wrong
business part you could have a divorce
in business why cheating what’s cheating
you thought your partner was fully
committed but you’re doing other things
but they’re not fully with you they’re
distracted okay when I hire somebody if
I have to pay the person 20 percent more
but I want a hundred percent I’m going
to pay you 20 percent more because I
want 100 percent of you we can’t have
any other thing I like 100 percent focus
is what I like when I hire somebody
fully on the team three is stealing
stealing money you know I’ve had this
happen before when it does money is a
very sensitive thing you cannot have
that taking place but it happens it ends
up at a relationship not working out
lying now lying I’m not talking about
the person is perfect
I understand people will say you know
certain things that they’re going to say
I’m not looking for someone who walks on
water but I am looking for trends if I
constantly see you telling me I’m so
busy on Friday you won’t believe what
happened to my family on Friday morning
I show constant crisis happens for for
Friday mornings and then I realize you
come to work and have grass on your
shoes I realize you were golfing crisis
didn’t happen it’s just your golf game
wasn’t that good on Friday morning it’s
a trend and that’s okay all you need to
say is golf instead of actually lying
about it because that’s even worse so
there’s a trend with lying you know
mismanagement of money if you don’t know
how to manage money it’s definitely hurt
the business not fulfilling your roles
you know if a husband says my only job
is to make kids and the wife says my
only job is to give birth to the kids
really okay husband has responsibilities
of dropping off the kids in the morning
never does it never does it you think
that marriage is going to work out never
does it never does it husband said you
know Saturday Sunday I’m going to take
my kids out and I’m committing on
Sundays to taking the kids out to the
park ten years never does it you think
that relationships going to work out
wife says I want to do this and I want
to do that or I’m going to cook or I
want to do this whatever it is I’m going
to go get a job as well and teach no I’m
not going to do this now I’m gonna if we
don’t do our roles there’s going to be a
disconnect because the other person is
going to be wait a minute did I get the
wrong
that is thick the same way that happens
is the same way it happens when you have
partners that don’t do their parts right
if I’m doing all of marketing’s jabbing
up they’re not doing their part what do
we have them here for if the case
managers we have are not doing their
part what do we have a year for if
compliance is not doing their part biz
dev is not doing it what are we have you
here for I’m not here for me to do your
job you’re here for you to do your job
and I’m gonna do my job I have job as
well you have a role as well so being
clear about each other’s roles bad
habits bad personal habits what’s bad
personal habits I mean in business how
many times does somebody pick up the
habit of drinking smoking drugs coke
partying
doesn’t work out I’ve seen it so many
times same thing happens in married
simpie happens in business lawsuits not
pretty when it’s lawsuit you know when
there’s a divorce in these mediation and
people are sitting there who gets the
house who gets this who gets that’s just
ugly you got to figure out a way to
prevent this from happening in a
reputation you know reputation takes a
hit and you know you want to go out and
have another business partner um you
know there’s a reputation there but you
want to make sure you want to make sure
now listen you can do everything right
and this could still happen but
everything is about increasing what the
percentage of this working out so how do
you go about choosing the right business
partner and how have I been doing this
all these years after all the mistakes
I’ve made 12 key points before choosing
a business partner 12 key points before
choosing great business partner and I’ll
make it was a book recommendation to you
point number one non-negotiables let me
explain to what I mean by
non-negotiables to me somebody comes in
says Pat I want to get married what do
you suggest on me getting married okay
first of all I say what life you want to
live I want to live this life okay great
find somebody has this life and wants
that person what they did get their
feedback from them but Pat I want to
know yours great what are your three
non-negotiables what do you mean by that
what are your three non-negotiable what
if what does that mean well what’s your
standard what are some things that the
person has to do before they marry or
can you marry anybody know well what are
you not willing to compromise uh well
then you don’t know what you
you know most men are clueless on what
they want most men women typically know
a lot more than men do woman I want
security I want to feel safe I want
somebody who’s got a career I want to do
this I want to do this great men are
like she has to be 36-24-36 beautiful
hip priorities aren’t right and I’m now
talking myself and everybody else I’m
not just talking on behalf of myself I’m
talking typically we don’t fully know
what we want so what are your
non-negotiable what are your three
non-negotiable that you’re not willing
to negotiate it’s just boom I’m sorry I
can’t do nothing about it you got to
have it you’ve got to have it you cannot
just sit there and say I don’t have any
other by the way when I hire somebody or
I decide to partner with somebody in
their higher level so when we first
started the firm we were all out of
Northridge California out of one office
everybody was out of one office and we
had this gentleman out of Florida is
name is John and I said you know hey Pat
you gotta meet John so John and I meet
the first time the guy’s just hilarious
he used to be a former bar mitzva dancer
etc etc so he went to Jackson University
try to play for Manchester United didn’t
work out he got hurt comes back and
decides to go into Bar Mitzvah and then
he wants to work with that’s great so I
heard so many great things about him but
he’s going to be the first person that’s
going to expand it to a new state new
market instead of just saying well here
we go great open up an office let’s see
how it works out I said no you need to
fly out he comes fly out flies out and I
speak to him he spends a week with me
then when he goes back I gave him a
challenge he paid he takes it again I
want to see how he responds to a
challenge then I flew out to Florida and
spend a few days with them and I didn’t
stay out of hotel I stayed in his house
now why did I stay in this house I
wanted to get to know him I wanted to
get to know his parents I wanted to get
to know his family I want to learn about
their tradition their cultures
everything you know what happened I fell
in love with the family I fell in love
with this guy’s family I fell in love
with who he was as a human being I
started seeing who he was in high school
the grades he at 4.5 GPA he did this he
did that how people trust him how he’s a
good guy the way he picked me up he
drove 65 miles an hour 75 miles 70 miles
an hour very concern
you know a lot of etiquette humor
likeable trusting that’s going and
living with the person spending a couple
nights with them to really get to know
them and that’s when we talk about
negotiables we talk about
non-negotiables when I flew out and
spoke to him
we just recently brought on board my
president Tom Nelson where to is sold
1.3 billion dollars of companies in his
career 1.3 billion dollars of companies
in his career he and I our relationships
start a long time ago and from there we
flew and traveled so many times I
probably spent 50 nights with them and
by the way we can afford to stay at
different hotel rooms I want to get to
know you I want to know what he does
with the clothes in the morning I want
to know how he put stuff in the closet I
want to know how you behave I want to
see that he wants to see me and next
thing you know there’s a friendship
there’s a bond there’s emotions there’s
conversations there’s life I met his mom
I met his wife amid his kids I met his
brother I met everybody he met everybody
that’s now our president and he’s done
incredible things for himself in
business but you got to talk about
non-negotiable what are you not willing
to negotiate with second point common
long-term vision what is the long-term
vision the other person somebody may
decide to just want to date you they
don’t want to marry you you ever dated
somebody and they never wanted to get
married same thing with business what if
you have somebody that you want to do
business with and I’ve put so much
resources into one leader or one person
one entrepreneur and then all of a
sudden I realize we don’t share the
common log term vision he’s just here
because he wants the money and that’s
what’s important and that’s totally fine
but that’s his long-term vision so you
know how to handle that part I want to
know what is this person’s long-term
vision what do you want to do a long
term what are your what are your
aspirations and if there really isn’t
and it’s money money money you also know
what that is but it’s okay because it’s
honest at least you know what it is what
are the two partners our long-term
vision when I hired an executive when I
hire a vendor when I bring a business
partner when I bring in executive when I
bring a field leader when I develop what
is your long-term vision I want to know
it I want to know it three values what
are your values what are the common
values and principles that this partner
will
lives by we don’t talk enough about
values you don’t hear a lot about values
one of the books we read last month in a
book club the entrepreneur book club was
what was conscious capitalism the book
is somewhere around here I can’t find it
conscious capitalism I John Mackey I
thought that was it but it’s not
conscious Capleton by John Mackey and he
talks about conscious leadership in the
book and he’s a founder of Whole Foods
right values we don’t talk enough about
values we need to spend a lot more time
talking about values with whoever you’re
doing business with or opposing
strengths so what are you going to bring
to the table to him and what is he going
to bring to the table to you what are
you going to bring to the table to her
what is she going to bring the table
what is it part that she’s going to feel
if a team basketball team has 12 shacks
they’re not winning a championship if a
team has 12 Kobe Bryant’s they’re not
winning the championship that’s not
going to be winning championship how
many times have you seen teams stack up
with everybody and they don’t win I
remember one time Lakers said Peyton
Malone a Shaq
Kobe they lost I remember the rock I
mean so many teams have done it to stack
up and it doesn’t happen there needs to
be opposing strength somebody needs to
play first base second base third
shortstop right center left pitch
catcher hitter d-h hidden coach you know
somebody who knows how to teach them how
to play defense on how to throw the
double plays how did this is all a team
putting together so it’s got to be a
posing strength that you have five clear
roles what is the role of the other
person it’s got to be clear what is the
role that person is going to play what
is your expectation of the role this
person’s going to play six who gets the
credit when you talk to them how much is
it about credit one of the biggest
challenge is about building something
big is you know the seven deadly sins
believe it or not in business you know
what’s one of the seven deadly sins that
hurts business what do you think it is
we’ve heard it the whole lust greed that
that all this other stuff you know what
it is it’s envy you know why it’s envy
Lakers could have built a dynasty
Shaco be and be who gets the credit Phil
couldn’t get these guys to realize look
it’s irrelevant you guys could be the
next cell
tics no one’s going to be able to do
this but you guys Jerry West and Steve
Kerr who just filled the Golden State
Warriors were able to convince these
guys we can build a legacy here we’re in
Andre Iguodala who is a 24-point again
average for Philadelphia 76ers is
willing to come off the bench to win a
championship becomes the championship
MVP why because they said forget em B
forget who gets credit let’s play
together they’re on track to beating the
best record ever in the history of the
NBA not sure if it’s going to happen but
because they decided say we don’t kill
yes the credit in partnership it’s very
critical to talk about who gets the
credit seven and by the way I don’t mean
one is only going to get the credit this
is not it
you know it’s credits got to be given to
everybody but it’s how important is this
person going to be ok with you getting
the credit this person getting the
credit that person getting the credit
are they the type that constantly need
to get the credit for everything how can
you tell when you speak to somebody and
every time they bring someone’s success
and somehow they put it on themselves
they need to get all the credit they
suck all the air out of a room you got
to make sure it’s somebody that wants to
give it back and if you’re talking to
somebody you see this person saying that
person did a great job with this this
person does a great job with that this
person did this you can tell they’re
constantly giving credit away to people
that someone they can do business with
because they don’t need all the credit
seven financial status how is their
financial status you marry somebody you
think you need to know to have a tax IRS
lien yes do you need to know what the
credit score is you need to not much
money they haven’t that of course you do
what do you need to know if somebody
you’re bringing on board as a leader of
course you need to know those top two
things types of things you need to know
how their financial situations you need
to have they’re managing their finances
if you can open up a lease with somebody
you need to know how they’re doing so
financial status very important eighth
purpose what is the purpose long-term
why are you doing this what’s the
purpose of doing this tell me I want to
be financially free what else I want to
do this what else I want to do that what
else I want to do this what else and
then you look for signs you hope for
somebody to say honestly I want to make
sure the 80 years that I have left in
this planet I make a difference in the
world I make an impact they do something
that’s never been done before you know
Tribute positively to the world great
you hear 40 sound bytes and you can
generally tell the difference between
someone who says it is the right thing
to say and someone who genuinely says it
and means it there’s a lot to be learned
and one time somebody can fool you four
or five six meetings they can typically
fool you because the truth eventually
comes out if it’s all about the money 9
schedule what is the type of a schedule
that they’re going to have because
sometimes you’ll have somebody that will
come with a nice resume take that resume
and the resume comes with the
expectation of our only work four days a
week I had somebody I hired this guy was
a lots of talent in the industry
financial industry but his expectation
was I take Friday’s off I don’t work the
weekends I work Monday through Thursday
do you know what the last company did to
me the last company gave me this they
gave me this they gave me that I’m not
looking for that and then finally I just
said this is not a good fit I don’t
think this is a fit for you I think you
got to make a decision where you want to
do next and he did and he did so this is
just not gonna work out for neither
party because what you’re doing what I’m
doing it’s just not the right
partnership so understanding what part
of the business if you’re start-up you
can’t have somebody saying I’m only
going to work three days a week if it’s
a startup you
I need somebody in the startup mode so
I’ll ask the question I’ll say look I
know you have a pretty phat resum you
have a nice resume and the reason why
you have a resume like that is because
at some point you had start-up mentality
my question to you is do you currently
have the corporate mentality or the
startup mentality what do you mean by
that
well are you more in a phase where you
feel like you’ve earned it and so you
need all this other stuff or do you want
to give back and get your hands dirty
and build another startup to be able to
potentially make an impact around the
world and have a big victory well you
know that’s a great question my wife
wants me to okay boom you already know
where it’s gone so is it part of a
non-negotiable are you okay with that
you need to make that decision but it’s
not something to set aside ten you know
you got a you here marry up give you
hear people say marry up you ever hear
people say recruit up I say partner
up partner up there’s no way in the
world Tom our president is at the same
level as me when it comes down to
intelligence no way he is way ahead
this guy’s the sharpest cat I’ve ever
met on how intelligent he is he is so
sharp it’s unreal
you don’t sell 1.3 billion dollars of
companies you go to his desk you look at
the picture on his desk it’s all the big
victories he’s had you won’t even
believe it ok you won’t even believe it
but you don’t have someone like that and
you come in to me you think you’re the
smartest cat in the room not at all
when I talked to Mike our compliance
leader or more there’s no way in the
world I share the same level of
intelligence in his world I don’t
because we partner up when I look at the
field leaders when I look at the
marketing when I look at the everything
that we bring up it’s about partnering
up but knowing there isn’t any ego there
to know that they need to suck all the
credit that without them nothing would
happen the moment somebody has it
without me nothing would happen
that’s turmoil there’s problem there
because again envy all the credit they
need to suck up all the credit there’s
going to be a problem there eventually
somes going to happen with that so
partnering up you’ll have an track
record what your track record look like
and a lot of times when it comes to
track record I’m more curious about
asking people who have done business
with you on what they’ll say about you
instead of just asking you I want to
know what people will say about you just
like people gonna ask you about Who I am
I’m gonna ask about who you are as well
you know last but not least is meet
Mario what so meet the family right meet
the family I like meeting the family I
like meeting life it’s my first one
meeting your spouse your husband your
wife you know our financial person we
have here I brought her on board from
Chase he’s got a master’s she’s got a
degree from UCLA morale when she first
came on board I wanted to meet her
partner because she was engaged she
wasn’t married yet so I’m like okay
there’s a lot of young girls typically
have boyfriend/girlfriend proms so I go
and I meet him and I’m very impressed so
I meet him again and again and again I’m
very impressed then all of a sudden I
know they’re getting married and then
they end up getting married and the
wedding was just incredible event and I
followed up with their family I know her
mom her dad her sister I’ve traveled
with her sister and brother-in-law to
Paris and Dubai and all this other stuff
and then I got to travel with her
husband so her husband is now running
with our firm on a department by himself
doing a great job Tigran but I want to
get to know spouses same thing happen
when tomorrow mario has been with us for
quite some time I got to know his spouse
Monica now Monica’s working with us I
like to know spouses I had a friend Matt
that decided to do business with us out
of Oakbrook
a money smart guy some of you guys know
from what’s he’s big on periscope right
if you have yeah it’s big on periscope
you meet his wife I’m so blown away by
who she is right you meet the spouse
there’s so much to be seen there but you
got to meet the spouse I’m big on
meeting family I’m big on meeting your
parents I’m big on meeting your brother
your sister and I know people listen to
this and you know what a lot of people
will say when they see this they say Pat
I’m so drained just watching and I’m
just are you serious you really do this
I really do you really go through all
this stuff this is draining I do there’s
effort and build on a business there’s a
lot of details to it that’s not you
can’t just win yourself to the top it’s
not how business works this is reality
listen there’s a lot of great guys on
YouTube are great motivators and that’s
fine if you need a lot of it I listen to
them myself as well but this isn’t the
channel just for motivation I know you
know people see value Tim and I want to
come and do this finding the right
partner takes effort and believe me I
would rather have you take a lot more
effort on the front end to avoid a bunch
of pain you’re going to have to deal
with a year 3 5 10 15 20 years from now
and that pain that pain of 5 10 15 20
years later that pain compounds today’s
pain is something you can fix and it’s a
two-week pain a month pain of having to
replace rehire or whatever repart and
then it’s going to be 10-15 years later
you got to position yourself with the
right partners and there’s a listen
there’s a lot of great books to read
about working together I think there’s a
good book out there I would recommend
it’s you know it’s a good book Michael
Eisner wrote it with Aaron Cohen working
together why great partnership succeed
why great partnerships succeed there’s a
lot of great stories in here I think one
of them is Buffett and Munger another
one is gates another one is a from
Studio 54 some of you guys that are old
enough to remember studio 54 which was
one of the most incredible nightclubs
were historically in New York it’s got
good stories to a Joe Torre and Don
Zimmer from baseball Arthur Blank and
Bernie Marcus from what is that Orange
company Home Depot Steven rebel and Ian
Schrager is from Studio 50 it’s a good
book it’s a very very good book highly
recommend yeah Warren Buffett and
Charlie Munger there’s a lot of great
content in here to hear stories I think
what this will do is if you got a
partner you want to be inspired by great
stories this is a book to read but if
you have a great partner if you have
some people that you’re working with and
they’re partners that you respect it
could be an executive of yours it could
be somebody who’s doing business
marketing they could be an equity
partner with you share this video with
them compliment them tell them hey man
I’m grateful we have a strong
partnership together and if you’re about
to go into partnership with somebody
you’re thinking about bringing an
executive on board this is a great video
to share with them to watch for them to
know what your expectation is about
partnership before moving forward
because I think there’s a lot to save
for you by covering the six things six
different types of partnerships how to
avoid consequence of wrong type of
partnerships and and obviously 12 key
points before deciding to choose the
right business part and with that being
said this video is going to typically be
shared a lot of different places every
time I put a video on YouTube it’s
sometimes taken and shared on different
websites you can find my website Patrick
Bay David comment subscribe to the
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possible typically we get back to
everyone with that being said thanks for watching take care bye bye
entrepreneurs is Patrick how do I choose
the right business partner how do I go
about choosing the right business
partner it’s a very very good question
but it’s not a one sentence or two
sentence it’s something that we got a
process together and we’re going to do
that together here you and I but before
getting into it I want take there’s
three things I’m going to cover one six
types of partnership because it’s not
just one type of partnership there’s a
business to is consequence of choosing
the wrong business partner and three how
to go about choosing the right business
partner and prior to getting into all
these processing will do together and
tell your story
so business and marriage are very
similar let me tell you very very
similar the way you marry somebody is
the way you choose a business partner
it’s very very important a lot of times
out of date of a lot of girls before
maybe you’ve dated a lot of men before
or gross before and past relationships
that didn’t work out and I will tell you
how I used to look at somebody to want
to consider as a lifelong partner was
only looks you know only you know a nice
body all that other stuff and then
nothing else came afterwards so if we
bump heads it’s fine if we had similar
personalities it’s totally it wasn’t
that I wanted to dig a little bit deeper
when it comes out to wanting to do that
so my wife and I first we go on our
first date on December 29th and 2007 we
go on the first date
it’s a PF Changs second date I take her
to book store the following days a
Sunday Saturday night is December 29
2007 December 30th is a Sunday we go to
earth cafe we go do the stairs in Santa
Monica and boom I take her to a
bookstores borders which is no longer in
business on our second date I buy her a
book call the hundred and one questions
to ask before you get engaged second
book I take her to the island I said
this can be very awkward I want you to
know that this is you know probably no
man’s going to do this with you have no
desire to just be a partner with you and
enjoy you physically and all this other
stuff which is probably what most men
want I’m looking for a wife and I’m very
clear on what I’m looking for here’s a
book I want you to read before we go
into a serious relationship together I
know you like me I know I like you
but I don’t want this thing she’s
usually a three months relationship we
have fun in it we’re stuck together I
want it to be a real legitimate
relationship she goes she reads the book
a week later were together at the at the
house it took six hours we went through
all the questions to get there very
direct questions tough questions after
the six hours we start dating next thing
you know 15 months later 16 months later
I proposed and we got married a year and
a half later from the day we read the
book a year and a half later we got
married and the rest is history we got
two kids now one on the way as I’m doing
this episode today and so far it’s been
a healthy marriage it’s been a good
marriage lots of ups lots of fights lots
of disagreements lots of challenges lots
of those things but one of the reasons
why I worked out because we asked a lot
of the important questions at the
beginning how many kids do you want to
have who’s gonna handle the finances
what are things that are important you
what type of things you want to give
credit to what matters to you I don’t
care the top of a house we live in but I
need to make sure the Sun comes up this
side Sun comes down I want to see a
light in the house I got to make sure
it’s important to you you know what kind
of a how many kids I mean what are we
going to raise our kids what are we
going to do with this what are we going
to do with that how are you feeling
about church how are you feeling about
every single thing from sex every single
thing from backing from what do you
happen to you know skeletons and they
call everything that we covered together
we talked upfront and why was this
important because later on when it’s
been brought up in relationship or
marriage when we were dating it was
always going back to the book so let me
explain to why I just said that you if
you treat your partnerships the same way
you’re going to prevent yourself from
having a lot of headaches later on in
business that can be handled today just
like a lot of people just meet someone
they love they go in and then they get
married because it’s what we’re supposed
to do instead of really digging deep
with the right questions early on I want
to share with you from all the mistakes
I’ve made in business personal life I’m
going to share with you I’ve had the
wrong business partners I’ve had people
that backstab I’ve had all that stuff
and I’m not saying in a victim way it
happens in with business but you’ve got
to know this is probably one of the most
important episodes to watch that you
don’t just want to watch this you want
to study this this is not something you
watching you drive this is something you
go back
you put it on you take your notepad you
study it and you talk with your partner
about it so let’s get right into it six
different types of partnerships okay
first type of partnership is an equity
partner this is an equity partner
investor this is someone that owns a
piece of the company with you
most people think partnership is purely
5050 it’s not very few companies are
actually owned 5050 the only companies
that are typically owned 5050 are
smaller companies big companies are not
only 5050 it just doesn’t work out that
way right so you know one person may
have six percent of the company one
point eight percent four point nine
percent 13 percent 22 percent 17 percent
everybody is an equity or an investor
their partners they are partners that
you own the company together money’s in
it were vested that’s a different type
of a partnership second type of
partnership is a product partner to me
product partners are just as important
as everybody else you could have a
carrier we when we first started our
financial firm my first couple
partnerships were in partnerships that
we wanted to be married to each other
for a long time they didn’t want to
neither did we we just kind of dated
each other but it was great because we
both got a lot of experience together we
have fun together we have some bad times
together and we both learned that we’re
not a fit ok whoever those partners were
and eventually you’ll learn which are
the better product partners today we
look for real product partnerships the
ones that we have today were real
product partnerships that we wanted to
find with our company three is
executives executives to me our absolute
partners because the way I hire
executives I mean if I told you stories
on how I hire executives you’ll realize
why I hire the way I do because I want
to know a lot about you if you’re going
to be making decisions in the company
without me having to constantly be there
and say do this do that I’m not a
control of what he call it micro
controller I’m not a fan of that I’m
more like when Mark Cuban said about a
year and a half ago Nashville Tennessee
somebody asking do you micromanage he
says not until after I trust you once I
trust you I don’t micromanage anymore
meaning I don’t
after I trust you I micromanage until I
trust you and I perform me trusting
early so I can just let you
your pardon we go from there executives
that are typically hire partners or
especially those that touch money if you
touch money there are a lot of
sensitivity around money just like in
marriage in business there’s a lot of
sensitivity with money but that’s a
partner for different departments
supporting cats marketing operations
compliance Assistant Board of Directors
advisory board these are all to me
partners because you’re not doing all
the marketing yourself somebody else’s
that’s up that’s a that’s a that’s a
partner you’re not doing all the
compliance thing somebody else is to
protect the company that’s a partner
these are partners you can trust to do
marketing operations and compliance for
you the next one is the next one the
vendors consultants legal and CPA
vendors consultants legal and seek’
general counsel plays a very important
role we have three most amazing law
firms that we work with we’re very happy
with them we’ve got strong relationships
with them and they’re very important we
spend a lot of money with them hundreds
of thousands of dollars with them
because they need to do their part
redwood contracts that we have in place
our accounting firm we chose one of the
biggest accounting firms in America
because that’s very critical for you but
I didn’t start off with a big accounting
firm I started off with a small CPA that
ran his own shop until one day we said
you just can’t handle our business
anymore we have to go to one of the top
ten accounting firms in America so to
knowing that’s still a partner because
you’ve got to know your CPA knows what
he’s doing you got to know the lawyer
knows all the legalities of whatever
thing they’re doing for you your vendors
our vendors phone system they got to
deliver our t1 line they got to deliver
the person that comes in marketing
printing clothes these are all strong
vendors it’s a partnership I have very
specific conversations with these
vendors because we’re not just doing
business with you we are partners
together I’m going to help you grow
you’re going to help me grow it’s a very
specific relationship that we have
together the other one is office
building when you lease there is a
important relationship when you either
the relationship with the building
you’re buying a building from where
you’re leasing or you’re going in a
lease with somebody else or sublease or
you’re leasing with a partner I’ve had a
partner
at least an office space with and within
two months he build out for nine months
and I was stuck with this lease for the
other nine months that’s a partnership
and we were connected with checking
accounts and his credit didn’t do well
so I was affected by will my credit I
had to be on him for months until he
finally fixed it because there was a one
penny in the account and I was affected
with that these are all partnerships
that you got to know about right so
these are different types of
partnerships partnership is to think
partnership is only 5050 you are you are
way way way behind business you are
thinking way because all you’re thinking
about is I won’t have for this you on
the other half and that’s pretty much it
no I read a book I think what’s called
parental capacity or something like that
and is that what it was called parental
capacity and he said marriage is not
about just you and the person you marry
it’s about who’s the coach of your kids
who is the tutors who is the teacher who
is the nanny who is the babysitter who
is the father the grandfather the
great-grandfather
the grandmother it’s a supposed to
church you go to who’s the local sports
team it’s a it’s a support T and they’re
all partners and helping raise this
future leader of the world or future
citizen of the world you have a
partnership going on with that same
thing is with business so the more you
look at it this way by the way people
want to do business with you because
everybody has a certain role they play
the success the business now let’s talk
about now let’s talk about consequence
of choosing the wrong business partner
so what happens to two out of three
marriages what do we hear about
constantly well two out of three
marriages end up out of what at a
divorce and that can happen in business
as well and so most people will say well
the number one reason why a divorce
takes place is why because of finances
yes it’s right money has a big role to
play in a divorce but I would say in my
opinion the number one reason for
divorce in my opinion is not enough QA
and asking the right questions initially
before deciding to do this I think we
get married a lot of times with emotion
and we get a divorce with logic we get a
lot of a lover she’s so pretty I love
her so much she’s so amazing I love the
she does this I love the way he makes me
feel we get married but we don’t ask the
tough questions right so let’s talk
about consequences choosing the wrong
business part you could have a divorce
in business why cheating what’s cheating
you thought your partner was fully
committed but you’re doing other things
but they’re not fully with you they’re
distracted okay when I hire somebody if
I have to pay the person 20 percent more
but I want a hundred percent I’m going
to pay you 20 percent more because I
want 100 percent of you we can’t have
any other thing I like 100 percent focus
is what I like when I hire somebody
fully on the team three is stealing
stealing money you know I’ve had this
happen before when it does money is a
very sensitive thing you cannot have
that taking place but it happens it ends
up at a relationship not working out
lying now lying I’m not talking about
the person is perfect
I understand people will say you know
certain things that they’re going to say
I’m not looking for someone who walks on
water but I am looking for trends if I
constantly see you telling me I’m so
busy on Friday you won’t believe what
happened to my family on Friday morning
I show constant crisis happens for for
Friday mornings and then I realize you
come to work and have grass on your
shoes I realize you were golfing crisis
didn’t happen it’s just your golf game
wasn’t that good on Friday morning it’s
a trend and that’s okay all you need to
say is golf instead of actually lying
about it because that’s even worse so
there’s a trend with lying you know
mismanagement of money if you don’t know
how to manage money it’s definitely hurt
the business not fulfilling your roles
you know if a husband says my only job
is to make kids and the wife says my
only job is to give birth to the kids
really okay husband has responsibilities
of dropping off the kids in the morning
never does it never does it you think
that marriage is going to work out never
does it never does it husband said you
know Saturday Sunday I’m going to take
my kids out and I’m committing on
Sundays to taking the kids out to the
park ten years never does it you think
that relationships going to work out
wife says I want to do this and I want
to do that or I’m going to cook or I
want to do this whatever it is I’m going
to go get a job as well and teach no I’m
not going to do this now I’m gonna if we
don’t do our roles there’s going to be a
disconnect because the other person is
going to be wait a minute did I get the
wrong
that is thick the same way that happens
is the same way it happens when you have
partners that don’t do their parts right
if I’m doing all of marketing’s jabbing
up they’re not doing their part what do
we have them here for if the case
managers we have are not doing their
part what do we have a year for if
compliance is not doing their part biz
dev is not doing it what are we have you
here for I’m not here for me to do your
job you’re here for you to do your job
and I’m gonna do my job I have job as
well you have a role as well so being
clear about each other’s roles bad
habits bad personal habits what’s bad
personal habits I mean in business how
many times does somebody pick up the
habit of drinking smoking drugs coke
partying
doesn’t work out I’ve seen it so many
times same thing happens in married
simpie happens in business lawsuits not
pretty when it’s lawsuit you know when
there’s a divorce in these mediation and
people are sitting there who gets the
house who gets this who gets that’s just
ugly you got to figure out a way to
prevent this from happening in a
reputation you know reputation takes a
hit and you know you want to go out and
have another business partner um you
know there’s a reputation there but you
want to make sure you want to make sure
now listen you can do everything right
and this could still happen but
everything is about increasing what the
percentage of this working out so how do
you go about choosing the right business
partner and how have I been doing this
all these years after all the mistakes
I’ve made 12 key points before choosing
a business partner 12 key points before
choosing great business partner and I’ll
make it was a book recommendation to you
point number one non-negotiables let me
explain to what I mean by
non-negotiables to me somebody comes in
says Pat I want to get married what do
you suggest on me getting married okay
first of all I say what life you want to
live I want to live this life okay great
find somebody has this life and wants
that person what they did get their
feedback from them but Pat I want to
know yours great what are your three
non-negotiables what do you mean by that
what are your three non-negotiable what
if what does that mean well what’s your
standard what are some things that the
person has to do before they marry or
can you marry anybody know well what are
you not willing to compromise uh well
then you don’t know what you
you know most men are clueless on what
they want most men women typically know
a lot more than men do woman I want
security I want to feel safe I want
somebody who’s got a career I want to do
this I want to do this great men are
like she has to be 36-24-36 beautiful
hip priorities aren’t right and I’m now
talking myself and everybody else I’m
not just talking on behalf of myself I’m
talking typically we don’t fully know
what we want so what are your
non-negotiable what are your three
non-negotiable that you’re not willing
to negotiate it’s just boom I’m sorry I
can’t do nothing about it you got to
have it you’ve got to have it you cannot
just sit there and say I don’t have any
other by the way when I hire somebody or
I decide to partner with somebody in
their higher level so when we first
started the firm we were all out of
Northridge California out of one office
everybody was out of one office and we
had this gentleman out of Florida is
name is John and I said you know hey Pat
you gotta meet John so John and I meet
the first time the guy’s just hilarious
he used to be a former bar mitzva dancer
etc etc so he went to Jackson University
try to play for Manchester United didn’t
work out he got hurt comes back and
decides to go into Bar Mitzvah and then
he wants to work with that’s great so I
heard so many great things about him but
he’s going to be the first person that’s
going to expand it to a new state new
market instead of just saying well here
we go great open up an office let’s see
how it works out I said no you need to
fly out he comes fly out flies out and I
speak to him he spends a week with me
then when he goes back I gave him a
challenge he paid he takes it again I
want to see how he responds to a
challenge then I flew out to Florida and
spend a few days with them and I didn’t
stay out of hotel I stayed in his house
now why did I stay in this house I
wanted to get to know him I wanted to
get to know his parents I wanted to get
to know his family I want to learn about
their tradition their cultures
everything you know what happened I fell
in love with the family I fell in love
with this guy’s family I fell in love
with who he was as a human being I
started seeing who he was in high school
the grades he at 4.5 GPA he did this he
did that how people trust him how he’s a
good guy the way he picked me up he
drove 65 miles an hour 75 miles 70 miles
an hour very concern
you know a lot of etiquette humor
likeable trusting that’s going and
living with the person spending a couple
nights with them to really get to know
them and that’s when we talk about
negotiables we talk about
non-negotiables when I flew out and
spoke to him
we just recently brought on board my
president Tom Nelson where to is sold
1.3 billion dollars of companies in his
career 1.3 billion dollars of companies
in his career he and I our relationships
start a long time ago and from there we
flew and traveled so many times I
probably spent 50 nights with them and
by the way we can afford to stay at
different hotel rooms I want to get to
know you I want to know what he does
with the clothes in the morning I want
to know how he put stuff in the closet I
want to know how you behave I want to
see that he wants to see me and next
thing you know there’s a friendship
there’s a bond there’s emotions there’s
conversations there’s life I met his mom
I met his wife amid his kids I met his
brother I met everybody he met everybody
that’s now our president and he’s done
incredible things for himself in
business but you got to talk about
non-negotiable what are you not willing
to negotiate with second point common
long-term vision what is the long-term
vision the other person somebody may
decide to just want to date you they
don’t want to marry you you ever dated
somebody and they never wanted to get
married same thing with business what if
you have somebody that you want to do
business with and I’ve put so much
resources into one leader or one person
one entrepreneur and then all of a
sudden I realize we don’t share the
common log term vision he’s just here
because he wants the money and that’s
what’s important and that’s totally fine
but that’s his long-term vision so you
know how to handle that part I want to
know what is this person’s long-term
vision what do you want to do a long
term what are your what are your
aspirations and if there really isn’t
and it’s money money money you also know
what that is but it’s okay because it’s
honest at least you know what it is what
are the two partners our long-term
vision when I hired an executive when I
hire a vendor when I bring a business
partner when I bring in executive when I
bring a field leader when I develop what
is your long-term vision I want to know
it I want to know it three values what
are your values what are the common
values and principles that this partner
will
lives by we don’t talk enough about
values you don’t hear a lot about values
one of the books we read last month in a
book club the entrepreneur book club was
what was conscious capitalism the book
is somewhere around here I can’t find it
conscious capitalism I John Mackey I
thought that was it but it’s not
conscious Capleton by John Mackey and he
talks about conscious leadership in the
book and he’s a founder of Whole Foods
right values we don’t talk enough about
values we need to spend a lot more time
talking about values with whoever you’re
doing business with or opposing
strengths so what are you going to bring
to the table to him and what is he going
to bring to the table to you what are
you going to bring to the table to her
what is she going to bring the table
what is it part that she’s going to feel
if a team basketball team has 12 shacks
they’re not winning a championship if a
team has 12 Kobe Bryant’s they’re not
winning the championship that’s not
going to be winning championship how
many times have you seen teams stack up
with everybody and they don’t win I
remember one time Lakers said Peyton
Malone a Shaq
Kobe they lost I remember the rock I
mean so many teams have done it to stack
up and it doesn’t happen there needs to
be opposing strength somebody needs to
play first base second base third
shortstop right center left pitch
catcher hitter d-h hidden coach you know
somebody who knows how to teach them how
to play defense on how to throw the
double plays how did this is all a team
putting together so it’s got to be a
posing strength that you have five clear
roles what is the role of the other
person it’s got to be clear what is the
role that person is going to play what
is your expectation of the role this
person’s going to play six who gets the
credit when you talk to them how much is
it about credit one of the biggest
challenge is about building something
big is you know the seven deadly sins
believe it or not in business you know
what’s one of the seven deadly sins that
hurts business what do you think it is
we’ve heard it the whole lust greed that
that all this other stuff you know what
it is it’s envy you know why it’s envy
Lakers could have built a dynasty
Shaco be and be who gets the credit Phil
couldn’t get these guys to realize look
it’s irrelevant you guys could be the
next cell
tics no one’s going to be able to do
this but you guys Jerry West and Steve
Kerr who just filled the Golden State
Warriors were able to convince these
guys we can build a legacy here we’re in
Andre Iguodala who is a 24-point again
average for Philadelphia 76ers is
willing to come off the bench to win a
championship becomes the championship
MVP why because they said forget em B
forget who gets credit let’s play
together they’re on track to beating the
best record ever in the history of the
NBA not sure if it’s going to happen but
because they decided say we don’t kill
yes the credit in partnership it’s very
critical to talk about who gets the
credit seven and by the way I don’t mean
one is only going to get the credit this
is not it
you know it’s credits got to be given to
everybody but it’s how important is this
person going to be ok with you getting
the credit this person getting the
credit that person getting the credit
are they the type that constantly need
to get the credit for everything how can
you tell when you speak to somebody and
every time they bring someone’s success
and somehow they put it on themselves
they need to get all the credit they
suck all the air out of a room you got
to make sure it’s somebody that wants to
give it back and if you’re talking to
somebody you see this person saying that
person did a great job with this this
person does a great job with that this
person did this you can tell they’re
constantly giving credit away to people
that someone they can do business with
because they don’t need all the credit
seven financial status how is their
financial status you marry somebody you
think you need to know to have a tax IRS
lien yes do you need to know what the
credit score is you need to not much
money they haven’t that of course you do
what do you need to know if somebody
you’re bringing on board as a leader of
course you need to know those top two
things types of things you need to know
how their financial situations you need
to have they’re managing their finances
if you can open up a lease with somebody
you need to know how they’re doing so
financial status very important eighth
purpose what is the purpose long-term
why are you doing this what’s the
purpose of doing this tell me I want to
be financially free what else I want to
do this what else I want to do that what
else I want to do this what else and
then you look for signs you hope for
somebody to say honestly I want to make
sure the 80 years that I have left in
this planet I make a difference in the
world I make an impact they do something
that’s never been done before you know
Tribute positively to the world great
you hear 40 sound bytes and you can
generally tell the difference between
someone who says it is the right thing
to say and someone who genuinely says it
and means it there’s a lot to be learned
and one time somebody can fool you four
or five six meetings they can typically
fool you because the truth eventually
comes out if it’s all about the money 9
schedule what is the type of a schedule
that they’re going to have because
sometimes you’ll have somebody that will
come with a nice resume take that resume
and the resume comes with the
expectation of our only work four days a
week I had somebody I hired this guy was
a lots of talent in the industry
financial industry but his expectation
was I take Friday’s off I don’t work the
weekends I work Monday through Thursday
do you know what the last company did to
me the last company gave me this they
gave me this they gave me that I’m not
looking for that and then finally I just
said this is not a good fit I don’t
think this is a fit for you I think you
got to make a decision where you want to
do next and he did and he did so this is
just not gonna work out for neither
party because what you’re doing what I’m
doing it’s just not the right
partnership so understanding what part
of the business if you’re start-up you
can’t have somebody saying I’m only
going to work three days a week if it’s
a startup you
I need somebody in the startup mode so
I’ll ask the question I’ll say look I
know you have a pretty phat resum you
have a nice resume and the reason why
you have a resume like that is because
at some point you had start-up mentality
my question to you is do you currently
have the corporate mentality or the
startup mentality what do you mean by
that
well are you more in a phase where you
feel like you’ve earned it and so you
need all this other stuff or do you want
to give back and get your hands dirty
and build another startup to be able to
potentially make an impact around the
world and have a big victory well you
know that’s a great question my wife
wants me to okay boom you already know
where it’s gone so is it part of a
non-negotiable are you okay with that
you need to make that decision but it’s
not something to set aside ten you know
you got a you here marry up give you
hear people say marry up you ever hear
people say recruit up I say partner
up partner up there’s no way in the
world Tom our president is at the same
level as me when it comes down to
intelligence no way he is way ahead
this guy’s the sharpest cat I’ve ever
met on how intelligent he is he is so
sharp it’s unreal
you don’t sell 1.3 billion dollars of
companies you go to his desk you look at
the picture on his desk it’s all the big
victories he’s had you won’t even
believe it ok you won’t even believe it
but you don’t have someone like that and
you come in to me you think you’re the
smartest cat in the room not at all
when I talked to Mike our compliance
leader or more there’s no way in the
world I share the same level of
intelligence in his world I don’t
because we partner up when I look at the
field leaders when I look at the
marketing when I look at the everything
that we bring up it’s about partnering
up but knowing there isn’t any ego there
to know that they need to suck all the
credit that without them nothing would
happen the moment somebody has it
without me nothing would happen
that’s turmoil there’s problem there
because again envy all the credit they
need to suck up all the credit there’s
going to be a problem there eventually
somes going to happen with that so
partnering up you’ll have an track
record what your track record look like
and a lot of times when it comes to
track record I’m more curious about
asking people who have done business
with you on what they’ll say about you
instead of just asking you I want to
know what people will say about you just
like people gonna ask you about Who I am
I’m gonna ask about who you are as well
you know last but not least is meet
Mario what so meet the family right meet
the family I like meeting the family I
like meeting life it’s my first one
meeting your spouse your husband your
wife you know our financial person we
have here I brought her on board from
Chase he’s got a master’s she’s got a
degree from UCLA morale when she first
came on board I wanted to meet her
partner because she was engaged she
wasn’t married yet so I’m like okay
there’s a lot of young girls typically
have boyfriend/girlfriend proms so I go
and I meet him and I’m very impressed so
I meet him again and again and again I’m
very impressed then all of a sudden I
know they’re getting married and then
they end up getting married and the
wedding was just incredible event and I
followed up with their family I know her
mom her dad her sister I’ve traveled
with her sister and brother-in-law to
Paris and Dubai and all this other stuff
and then I got to travel with her
husband so her husband is now running
with our firm on a department by himself
doing a great job Tigran but I want to
get to know spouses same thing happen
when tomorrow mario has been with us for
quite some time I got to know his spouse
Monica now Monica’s working with us I
like to know spouses I had a friend Matt
that decided to do business with us out
of Oakbrook
a money smart guy some of you guys know
from what’s he’s big on periscope right
if you have yeah it’s big on periscope
you meet his wife I’m so blown away by
who she is right you meet the spouse
there’s so much to be seen there but you
got to meet the spouse I’m big on
meeting family I’m big on meeting your
parents I’m big on meeting your brother
your sister and I know people listen to
this and you know what a lot of people
will say when they see this they say Pat
I’m so drained just watching and I’m
just are you serious you really do this
I really do you really go through all
this stuff this is draining I do there’s
effort and build on a business there’s a
lot of details to it that’s not you
can’t just win yourself to the top it’s
not how business works this is reality
listen there’s a lot of great guys on
YouTube are great motivators and that’s
fine if you need a lot of it I listen to
them myself as well but this isn’t the
channel just for motivation I know you
know people see value Tim and I want to
come and do this finding the right
partner takes effort and believe me I
would rather have you take a lot more
effort on the front end to avoid a bunch
of pain you’re going to have to deal
with a year 3 5 10 15 20 years from now
and that pain that pain of 5 10 15 20
years later that pain compounds today’s
pain is something you can fix and it’s a
two-week pain a month pain of having to
replace rehire or whatever repart and
then it’s going to be 10-15 years later
you got to position yourself with the
right partners and there’s a listen
there’s a lot of great books to read
about working together I think there’s a
good book out there I would recommend
it’s you know it’s a good book Michael
Eisner wrote it with Aaron Cohen working
together why great partnership succeed
why great partnerships succeed there’s a
lot of great stories in here I think one
of them is Buffett and Munger another
one is gates another one is a from
Studio 54 some of you guys that are old
enough to remember studio 54 which was
one of the most incredible nightclubs
were historically in New York it’s got
good stories to a Joe Torre and Don
Zimmer from baseball Arthur Blank and
Bernie Marcus from what is that Orange
company Home Depot Steven rebel and Ian
Schrager is from Studio 50 it’s a good
book it’s a very very good book highly
recommend yeah Warren Buffett and
Charlie Munger there’s a lot of great
content in here to hear stories I think
what this will do is if you got a
partner you want to be inspired by great
stories this is a book to read but if
you have a great partner if you have
some people that you’re working with and
they’re partners that you respect it
could be an executive of yours it could
be somebody who’s doing business
marketing they could be an equity
partner with you share this video with
them compliment them tell them hey man
I’m grateful we have a strong
partnership together and if you’re about
to go into partnership with somebody
you’re thinking about bringing an
executive on board this is a great video
to share with them to watch for them to
know what your expectation is about
partnership before moving forward
because I think there’s a lot to save
for you by covering the six things six
different types of partnerships how to
avoid consequence of wrong type of
partnerships and and obviously 12 key
points before deciding to choose the
right business part and with that being
said this video is going to typically be
shared a lot of different places every
time I put a video on YouTube it’s
sometimes taken and shared on different
websites you can find my website Patrick
Bay David comment subscribe to the
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everyone with that being said thanks for watching take care bye bye
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