5 Essential Tips for Building a Successful Business Partnership

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1. Don't rush into partnerships: Unless you have someone with money, skills, or time to contribute, it's better to start alone.
2. Unequal equity splits are okay: If one partner brings valuable skills or products, the equity split doesn't need to be equal. One person can own 90% and another 10% if that's what's fair.
3. Pay people for their services: If you need a bookkeeper, pay them instead of partnering with them. This way, you retain control and equity.
4. Start small and scale: Build a working model and generate cash flow before bringing others on board. This way, you can negotiate better terms and retain more equity.
5. Equity becomes more valuable as the business grows: Wait until your business is generating revenue and has value before bringing in partners or investors. This gives you more negotiating power and minimizes the equity you need to give away.

Source: Should You Find A Business Partner, Alex Hormozi