if you’re about to sign a deal and
you’re not comfortable with it you have
to be willing to walk away you have to
be willing to walk away and know that
something better is on the horizon
because if you sign a deal that you are
uncomfortable with you’re not gonna be
happy it’s gonna haunt you public for a
really long time hi I’m Evan Carmichael
I believe that hungry entrepreneurs
deserve help and today I’m answering a
question of one of my newsletter readers
Morita Morita wrote a really long email
Morita we have got to get things a
little more condensed now Maria is a
chef she’s a great chef and she’s
starting a business with a partner of
hers the partners putting up the money
she’s gonna be the chef and she’s
wondering what is a fair compensation
so her partner’s putting up the money is
doing all the marketing and she’s gonna
be working the restaurant
doing all the cooking work so she was
assuming she would get a 60/40 split
where the investor marketing person got
60 and she would get 40 now the person
coming back to say that she wants 90%
and Marita as a chef would get 10% but
would lose half the shares to her
employees as compensation as they grew
so should end up with 5% of the business
she wanted my advice on is this a deal
that you should go with or not and what
to do so Marita this sounds like a raw
deal you know if it were me I wouldn’t
take it but it depends on your situation
how badly do you want this restaurant
business to fly do you see this as a
long-term venture or not you want to be
able to open multiple restaurants or not
and you see this business partner as
somebody who can work with for the long
term there’s a million different ways to
make a deal and the most important thing
is that you’re comfortable with it you
can go and look and research other deals
and look at when chefs have come and
taken over how much they’ve gotten that
might give you some more comfort to see
what might be more industry norm but at
the end of the day you have to feel
comfortable with it you have to feel
comfortable either with like if she
sticks to her guns and she’s saying
that’s all I’m gonna give you then
you’re gonna end up with 5% of the
business you either have to feel
comfortable with having that 5% and
growing and building this hopefully
successful company and not having to eat
at you that your own
earning 5% that’s dangerous if you’re
gonna build this highly successful
company think about yourself five years
down the road you put all this work in
and you only have 5% of the business is
that gonna eat at you every day because
if it is you can’t take that deal on the
flip side you have to be willing to walk
away for any type of deal you have to be
willing to walk away at some point
what is that percentage where you walk
away there’s a five percent is a 10
percent is a 20 percent you have to have
a number in your head that you feel
comfortable with and stick to your guns
she’s really important to this deal but
hey so are you right you can let people
beat you down if you feel you have a lot
of value and you deserve more than five
percent then you fight for it and you’d
be willing to walk away this is not just
for business partnerships this is for
customers this is for employees is for
every negotiation you have you have to
be willing to walk away at some point
when I work with customers and I’ll
quote them on something it’s usually way
higher than they expect and I’m willing
to walk away because I know they’re
getting huge value even though it’s way
more expensive than what they thought it
would be way more expensive than what my
competitors might charge I’m bringing
way more value than anybody else and I
believe in that price and if they pay it
I’m happy to do work and they’ll feel
good about myself and I’ll feel great
about the work that I’m doing and if
they don’t pay it then I’ll walk away
and I’m happy and I know that I’ve
walked away from a deal from somebody
who doesn’t respect and value the work
that I do I wouldn’t want to undercut my
prices end up doing work that I know
it’s huge value and have people not pay
for it so I don’t know if that I
answered your question for you there’s
no right answer beyond you have to feel
comfortable with that amount do not let
it eat at you for years as you put all
your work into it
5% may be fair for you you may think
okay that’s enough I’m not telling you
that you need to go for more I would go
for more but you don’t necessarily have
to go for more if you’re happy with it
but if it’s gonna eat at you if you’re
gonna look at that number you know every
day and think about all the work you’re
putting in and you’re only pulling out
5% of this business then figure out what
your number is and stick to it I know
that if you don’t get that you’re going
to walk away and you’re going to find
enough
opportunity I hope that helps you got
some tough thinking ahead of you for
those are watching if you liked the
video please give it a thumbs up below
it makes me to do more for you and hey I
want to hear what you have to think
please leave a comment about this video
if you have a question please leave it
in the comments below
I love seeing those come in and makes my
morning every time even if you’re just
saying hey loved the video or shout out
from wherever you’re from thanks guys
and I’ll see you on the next episode
you’re not comfortable with it you have
to be willing to walk away you have to
be willing to walk away and know that
something better is on the horizon
because if you sign a deal that you are
uncomfortable with you’re not gonna be
happy it’s gonna haunt you public for a
really long time hi I’m Evan Carmichael
I believe that hungry entrepreneurs
deserve help and today I’m answering a
question of one of my newsletter readers
Morita Morita wrote a really long email
Morita we have got to get things a
little more condensed now Maria is a
chef she’s a great chef and she’s
starting a business with a partner of
hers the partners putting up the money
she’s gonna be the chef and she’s
wondering what is a fair compensation
so her partner’s putting up the money is
doing all the marketing and she’s gonna
be working the restaurant
doing all the cooking work so she was
assuming she would get a 60/40 split
where the investor marketing person got
60 and she would get 40 now the person
coming back to say that she wants 90%
and Marita as a chef would get 10% but
would lose half the shares to her
employees as compensation as they grew
so should end up with 5% of the business
she wanted my advice on is this a deal
that you should go with or not and what
to do so Marita this sounds like a raw
deal you know if it were me I wouldn’t
take it but it depends on your situation
how badly do you want this restaurant
business to fly do you see this as a
long-term venture or not you want to be
able to open multiple restaurants or not
and you see this business partner as
somebody who can work with for the long
term there’s a million different ways to
make a deal and the most important thing
is that you’re comfortable with it you
can go and look and research other deals
and look at when chefs have come and
taken over how much they’ve gotten that
might give you some more comfort to see
what might be more industry norm but at
the end of the day you have to feel
comfortable with it you have to feel
comfortable either with like if she
sticks to her guns and she’s saying
that’s all I’m gonna give you then
you’re gonna end up with 5% of the
business you either have to feel
comfortable with having that 5% and
growing and building this hopefully
successful company and not having to eat
at you that your own
earning 5% that’s dangerous if you’re
gonna build this highly successful
company think about yourself five years
down the road you put all this work in
and you only have 5% of the business is
that gonna eat at you every day because
if it is you can’t take that deal on the
flip side you have to be willing to walk
away for any type of deal you have to be
willing to walk away at some point
what is that percentage where you walk
away there’s a five percent is a 10
percent is a 20 percent you have to have
a number in your head that you feel
comfortable with and stick to your guns
she’s really important to this deal but
hey so are you right you can let people
beat you down if you feel you have a lot
of value and you deserve more than five
percent then you fight for it and you’d
be willing to walk away this is not just
for business partnerships this is for
customers this is for employees is for
every negotiation you have you have to
be willing to walk away at some point
when I work with customers and I’ll
quote them on something it’s usually way
higher than they expect and I’m willing
to walk away because I know they’re
getting huge value even though it’s way
more expensive than what they thought it
would be way more expensive than what my
competitors might charge I’m bringing
way more value than anybody else and I
believe in that price and if they pay it
I’m happy to do work and they’ll feel
good about myself and I’ll feel great
about the work that I’m doing and if
they don’t pay it then I’ll walk away
and I’m happy and I know that I’ve
walked away from a deal from somebody
who doesn’t respect and value the work
that I do I wouldn’t want to undercut my
prices end up doing work that I know
it’s huge value and have people not pay
for it so I don’t know if that I
answered your question for you there’s
no right answer beyond you have to feel
comfortable with that amount do not let
it eat at you for years as you put all
your work into it
5% may be fair for you you may think
okay that’s enough I’m not telling you
that you need to go for more I would go
for more but you don’t necessarily have
to go for more if you’re happy with it
but if it’s gonna eat at you if you’re
gonna look at that number you know every
day and think about all the work you’re
putting in and you’re only pulling out
5% of this business then figure out what
your number is and stick to it I know
that if you don’t get that you’re going
to walk away and you’re going to find
enough
opportunity I hope that helps you got
some tough thinking ahead of you for
those are watching if you liked the
video please give it a thumbs up below
it makes me to do more for you and hey I
want to hear what you have to think
please leave a comment about this video
if you have a question please leave it
in the comments below
I love seeing those come in and makes my
morning every time even if you’re just
saying hey loved the video or shout out
from wherever you’re from thanks guys
and I’ll see you on the next episode
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