How to avoid bad business partnerships
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The document provides advice on choosing business partners. It emphasizes that learning to pick the right partners is the most important business skill, as partners will make or break success. It outlines eight lessons learned over 24 years, including getting to know a partner's passion, being on the same page in writing, ensuring both have skin in the game through personal risk and gain, and nurturing mutual purpose to change the world together. The purpose of any partnership or business is to create and keep customers.
How to avoid bad business partnerships
- 1. AVOID BAD © 2013 Brady Gilchrist www.bradygilchrist.com HOW TO BUSINESS PARTNERSHIPS
- 2. © 2013 Brady Gilchrist / Personal Use Only. Commercial Use Prohibited Without License In an entrepreneurial culture doing deals and partnerships is our life blood. After 24 years of working hard to make an impact here are a few of my hard earned lessons. © 2013 Brady Gilchrist www.bradygilchrist.com
- 3. Learning how to pick the right business partners is the most important business skill you will ever acquire. © 2013 Brady Gilchrist www.bradygilchrist.com
- 4. In life we rarely get to success on our own. Those we run with make all the difference in the world. ! Partners will either make or break us. © 2013 Brady Gilchrist www.bradygilchrist.com
- 5. All business is ultimately about people working together. ! Skills and experience are important but not as important as how well you can execute together. © 2013 Brady Gilchrist www.bradygilchrist.com
- 6. If want others to work with you articulate your mission, know your difference and do your math. ! Your job is to be 100% certain in the validity of your goal. If you are not 100% then nobody else will be. ! Passion and energy hugely matter but ultimately in business it’s your math that will impress. Intelligent execution is where dreams connect with reality. © 2013 Brady Gilchrist www.bradygilchrist.com
- 7. Partners don’t work for you they work with you. Give them respect and voice. ! Remember partnerships are a melding of collective potential for mutual gain. ! © 2013 Brady Gilchrist www.bradygilchrist.com
- 8. If you heed the suggestions posed on the next few slides you will get well ahead of the game… © 2013 Brady Gilchrist www.bradygilchrist.com
- 9. 1. Ask the most trusted members of your network to help you find potential partners. ! Friends and close colleagues especially old ones give the best intros. All partners must be vouched for including you. ! As a rule don’t rely on people who have taken you on wild goose chases. LESSON 1 © 2013 Brady Gilchrist www.bradygilchrist.com
- 10. 2. Get to know someone’s passion. ! Winning will take everything. Partners who don’t share the same commitment to direction should not be partners. LESSON 2 © 2013 Brady Gilchrist www.bradygilchrist.com
- 11. 3. Be literally on the same page. ! Write down the mission, build the initial plan of attack and agree in writing how you will work together. Very important: Know how the money bits work. ! Handshakes matter but paper provides context. All relationships eventually need some context. ! If you can’t agree on paper you won’t ever. LESSON 3 © 2013 Brady Gilchrist www.bradygilchrist.com
- 12. 4. Eyes wide open and don’t be fooled by an empty suit. ! Lot’s of people impress but not everyone is genuine. See things as they are, not as you hope. Track record matters, especially yours! ! What you are doing may be new but past experiences should demonstrate your capacity to win. LESSON 4 © 2013 Brady Gilchrist www.bradygilchrist.com
- 13. 5. Both must have skin in the game. Partnerships are sealed by having personal risk and personal gain at stake. ! Unless you both understand the cost of failure and are committed to success something will go wrong. Good intentions are not enough. Money on the table does matter. LESSON 5 © 2013 Brady Gilchrist www.bradygilchrist.com
- 14. 6. Know the time. ! In business winning depends on speed. A partner who does not share your sense of urgency is a liability to the mission. ! This is why it can be problematic for entrepreneurs working with bureaucratic organizations. Time is more than money - it’s success. LESSON 6 © 2013 Brady Gilchrist www.bradygilchrist.com
- 15. 7. Nurture mutual purpose. ! Your partner may have more financial and market power than you. When there is a power imbalance use that opportunity for both your benefit. A partner who holds power over you could be a problem. Do not ever sell your soul for a deal. LESSON 7 © 2013 Brady Gilchrist www.bradygilchrist.com
- 16. 8. Change the world together. ! This is a marriage complete with commingled assets. Nurture success, nurture the mission and be honest in your commitments. Take responsibility for creating positive energy - amplify the good. ! And above all…Do your work. LESSON 8 © 2013 Brady Gilchrist www.bradygilchrist.com
- 17. The six golden principals to great business partnerships. GET TO KNOW SOMEONE’S PASSION.1 KNOW THE TIME. BOTH MUST HAVE SKIN IN THE GAME. 4 BE LITERALLY ON THE SAME PAGE.2 3 NURTURE MUTUAL PURPOSE.5 CHANGE THE WORLD TOGETHER.6 © 2013 Brady Gilchrist www.bradygilchrist.com
- 18. The purpose of a business is to create a and keep a customer.! ! This is the most important piece of business advice in the world. Peter Drucker © 2013 Brady Gilchrist www.bradygilchrist.com
- 19. Every business relationship that’s gone south for me did so because of one major fail: ! We lost the clarity that comes with purpose. ! Be very mindful of purpose. ! © 2013 Brady Gilchrist www.bradygilchrist.com
- 20. Cover your bases. Eyes wide open. Go make it happen. ! You have places to go and MOUNTAINS to move! WWW.BRADYGILCHRIST.COM @BRADYGILCHRIST ©2013 Brady Gilchrist
- 21. You might like this other creation of mine.