Fixing Bad Partnerships In Business
Summary
- Bad partnerships often occur because people overvalue their own contributions compared to others.
- Preventing partnership issues starts with clear communication before entering into the agreement.
- When expectations are not met, address it directly by stating, "These are my expectations, you are not meeting them."
- Following the confrontation, propose solutions: change behavior or change the partnership structure.
- Possible outcomes include dissolving the business, one partner buying out the other, or an agreement to increase effort and meet obligations.
Video
How To Take Action
I would suggest implementing clear communication right from the start if you're thinking about partnering up in business. Here's the plan:
- Write down your expectations for yourself and what you expect from your partner. Be super specific.
- Sit down with your potential partner and share your lists. This can help stop any misunderstandings before they even start.
- If you're already in a partnership and there's trouble, it's time to talk. Tell your partner clearly, "These are my expectations, and you're not meeting them."
- After you tell them what's up, don't just leave it at that. Offer ways to fix the problem. Maybe they need to change how they're acting, or perhaps the whole partnership needs a shake-up.
- Think about what you'll do if things can't be fixed. This could mean closing the business down, one of you might buy the other out, or you could both agree to work harder and do what was promised.
Remember, everyone thinks their work is really important. But it's important to see things fairly and understand how much effort others are putting in too. Stay open and honest with your partner, and tackle problems head-on. That's the way to keep your partnership strong or decide if it's time to go separate ways.
Quotes by Alex Hormozi
"Bad partnerships happen all the time and it's usually because when I take the trash out I think it's a 10 out of 10 effort and when you see me take the trash out you think it's a two out of 10 effort."
– Alex Hormozi
"You always score your work higher than someone else's."
– Alex Hormozi
"The easiest way to prevent bad partnerships is having clear communication before you get into partnerships."
– Alex Hormozi
"If you are in one you have to say hey these are my expectations you are not meeting them this no longer works."
– Alex Hormozi
"We either need to change your behavior or we need to change this partnership which one do you want to do."
– Alex Hormozi
Full Transcript
bad Partnerships happen all the time and it's usually because when I take the trash out I think it's a 10 out of 10 effort and when you see me take the trash out you think it's a two out of 10 effort and then we both think we've got uneven work because you always score your work higher than someone else's and so the easiest way to prevent bad Partnerships is having clear communication before you get into Partnerships but if you are in one you have to say hey these are my expectations you are not meeting them this no longer works so we either need to change your behavior or we need to change this partnership which one do you want to do and then you go from there and either means you dissolve the business it means one of you bu the other person out or one of you says you know what I have been slacking I've had a bunch of stuff going on at home you're right I'm going to step up my game