Never Name a Business After Yourself?

Summary

• Never name a business after yourself to avoid emotional attachment. This advice helped me with managing businesses without getting too attached.
• Naming a business with a personal brand can build a different level of pride. Many big brands, like JP Morgan and Wells Fargo, use their names.
• Many professional service firms operate on a partner model, often involving names on the door.
• Business deals are flexible. You can negotiate any terms you want, like retaining 80% ownership while still approving certain decisions.

Video

How To Take Action

I would suggest implementing a few key takeaways for your business or personal growth journey. Here’s how you can do it:

Separate Emotions from Business Decisions

Naming your business: Avoid using your own name for your business. Choose a name that lets you think clearly and stay objective. This approach helps in making tough decisions without emotional baggage.

Build Pride through Personal Branding

Developing a personal brand: If you want to build pride and a strong reputation, use your name as part of your personal brand. Big companies like JP Morgan and Wells Fargo are great examples. This can increase customer trust and loyalty.

Partnering Model

Using the partner model: If you provide professional services, consider operating on a partner model. This means associating key partners’ names with the business, which can boost accountability and professionalism.

Flexible Business Deals

Negotiation of terms: Realize that business deals are flexible. You can negotiate any terms that fit your needs, like retaining 80% ownership while still having a say in important decisions.

Action Points:

• For Separation of Emotion: Start by brainstorming names that reflect your business values without using your own name.
• For Personal Branding: Actively promote yourself on social media and via blogs, using your name to build a personal connection with your audience.
• For Partner Model: Look at successful agencies and consider adding partners to add value and expertise.
• For Flexible Negotiations: Before any deal, write down your non-negotiables and be ready to discuss them openly to create a win-win scenario.

Implement these strategies to make impactful changes without significant costs or time investments.

Full Transcript

one of my first business mentors told me this he said never name a business after yourself he said because you'll be emotional about it and so all good real estate agencies I know named after sure oh no and so the thing is is that I took that piece of advice and I did that for years and years and years CU that way I could have llc's move them whatever like I didn't have an emotional attachment to it but now cuz I have a personal brand you know and so I understand like I'm not going anywhere like the thing is is that when you do build it with your name on it you do take a different level of Pride with it I think at least that's been my experience and so many of the biggest brands JP Morgan Wells Fargo Chase Bane like like many of these Professional Services are often based on a partner model where you have people right and it's the name on the door and so I think that over time as basically as the firm grows it's understood that like you no longer own it and you can also in any deal you can put whatever you want like deals are completely malleable you can say you will get 80% but I can still approve these things everything's negotiable