Join Michelle Bosch in this episode of the Forever Cash Podcast to discover the 5 critical principles to apply when evaluating potential partnerships in your business.
As we enter the second quarter of 2022, Jack Bosch and I are exploring new opportunities and partnerships that will accelerate growth across our stable of businesses. As a result, we have been reflecting on what makes a successful partnership in your business.
There is nothing more frustrating than entering into a partnership where one party feels like they are getting a raw deal, or worse working with somebody where getting anything done is like having a root canal without an anesthetic!
I would like to share with you the five aspects of synergy that we look for in building productive partnerships in our business and our lives.
If you are considering forging a new partnerships in your business, make sure to evaluate the partnership on these five critical aspects:
1. Do You Serve the Same People?
One of the most important business principles that we have built all of our enterprises on is the idea that success is built on your ability to be of service to others. When you are considering a new partnership, you want to find out if your prospective partner is committed to being a hero to the same people that you are.
2. Are Your Vision and Mission in Alignment?
The bedrock of a successful business is having a clear vision and mission that guides everything that you do. When you are exploring a new partnership, it is essential that your vision and mission are in alignment with that of your prospective partner.
Jack and I have remained true to the vision and mission that we identified more than 18 years ago when we established our land investing business. We decided that we wanted to be a transformational force in people’s lives, whether that be a buyer or seller, an investor, or a student of our revolutionary land investing real estate investing strategy.
In our businesses, people always come before profits and we know that we will only have successful partnerships with people who are committed to being transformational in their interactions.
3. Do You Share the Same Core Values?
Your core values should drive every decision that you make in your business and in your life, and this holds true for partnerships in your business..
When you are choosing people to become a part of your team, the first thing you should look for is an alignment of core values. Do they value the same things as you do? Do they hold themselves to the same standards as you do when it comes to integrity, respect, responsibility, drive for excellence, and being a servant leader?
Both Jack and I are extremely driven people, who believe in bold action and courageous decision making. Once we have decided on a path, we will go all-in to ensure that we achieve what we have set out to do, no matter the obstacles. When we are looking for people to build our team, we look for individuals that are committed to going the extra mile and doing whatever it takes to bring those that we serve to success. It is therefore essential that we look for the same core values in the people that we partner with. If your core values are out of alignment in a partnership, it is essentially doomed to failure.
4. How does your prospective partner treat others
“Judge a person not by how they treat you but rather how they treat others.”– Betty Jamie Chung
When you are exploring a new venture with somebody, they are likely to portray their best characteristics in an effort to make a good impression. Taking this first impression at face value will not provide you with the insight you need to decide whether you will be able to forge a productive working relationship.
Instead, do your due diligence and look into how your prospective partner treats those around them, especially their team, their family members, those in their community, and past and present partners.
If there have been conflicts in the person’s past, give them the opportunity to explain what caused the conflict, how they handled the situation, and how they have grown from the experience. This will provide you with the insight you need to evaluate if a partnership will be in your best interests.
5. Is there synergy in your growth strategies?
When you enter into a growth relationship there are two forces that will drive that growth: simplification and multiplication. A simplifying entity will allow you to streamline your processes to make doing business simpler, faster, and more profitable. A multiplying force will help you to 10x your results, which means more deals, more clients, and scaling your business. When you enter into a partnership, you want to ensure that there is a multiplier and a simplifier in the partnership. Understand exactly what role you will be taking and plan your activities accordingly.
Are you are an investor looking for partnerships in your business that will help you both simplify and multiply your real estate investing business? If so, we are ready to be of service to you. Join us for our upcoming Land Profit Masterclass, happening between May 16th – 20th.
During this 5-Day deep-dive training event, we will surround you in 360-degree support and we show you how to you can continue to be hugely successful in real estate investing, even in a high-inflation market or during a recession.
Register TODAY and build a partnership that will change your life forever!