27 min listen
The Truth About Business Partnerships
The Truth About Business Partnerships
ratings:
Length:
27 minutes
Released:
Jan 20, 2021
Format:
Podcast episode
Description
Did you know that 70% of business partnerships fail? That's right, most partnerships fail due to some mistakes that the partners make early on. In this episode, Rick and Suzanne talk about their business partnership and why it has worked for a long time.The first thing to consider is choosing the right partner. Business partners should have trust and respect for each other and have complementary skills. It's super important to have clearly defined roles for each partner, ensuring that each person knows their duties and responsibilities to the business and what happens if they don’t perform them. All these arrangements and expectations are then brought together in a formal partnership operating agreement that clearly defines the nature of the partnership, including the exit plans and other scenarios that may crop up.Listen in to this episode to learn more about business partnerships and how to do them right from the beginning.Key TakeawaysWhy 70% of business partnerships fail (01:14)How to choose the right business partner (02:29)Why it's very important to have clearly defined roles in a partnership (07:09)Why you need a partnership agreement (09:45)Business partners should have complementary skills sets (12:10)Why it's a smart thing to have a formal operating agreement (13:59)Planning a partnership exit plan (19:00)Additional Resources:www.AlloyPersonalTraining.comLearn About The Alloy Franchise Opportunity---------You can find the podcast on Apple, Google, Spotify, Stitcher, or wherever you listen to podcasts.If you haven’t already, please rate and review the podcast on Apple Podcasts!
Released:
Jan 20, 2021
Format:
Podcast episode
Titles in the series (100)
01: State Of Affairs In The Personal Training Industry: The current landscape of the fitness industry, in particular, the personal training business models, is the topic of today's conversation. - - - Learn more at - - > http://bit.ly/alloy_franchise by Alloy Personal Training Business