Why I Don't Have A Business Partner Anymore
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- Опубликовано: 19 июн 2024
- How do you find a good business partner? What should you consider when making a formal business partnership? What are the pros and cons of having business partners?
In this episode, Chris is at the AIGA design conference answering questions during an intimate roundtable discussion.
One gentleman asks Chris about starting a formal business partnership with an associate and Chris discusses his experiences with working with partners in the past. There are pros and cons to be aware of because, like personal relationships, you should be careful before making a big commitment.
#businesspartner #partnership #AIGADesignConf #partner
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My grandfather used to say, a partnership should be made by an odd number of partner, and three are too much ;)
Haha. Perfect. I’m going to steal it.
Domenico Marco Di Donna hahaha this is great!
Your grandpa is a legend bro. Am stealing that BTW
My mom said the same about having children...
Domenico Marco Di Donna like it even me fail with partnership sooner or later it will fail
Good luck
So cool
"When I tell you my vision you get scared and I don’t have time to convince you"
Words to live by
Word! I used to waste time explaining myself ans now I just keep it to myself and if I have to explain, I just say "you shall see" and say no more.
So so true
Well try to say this at a board meeting to the shareholders
Elequently described. I deal with this frustrating phenomina constantly. It's as if they are acting as if they can't comprehend what I'm saying.
"The only ship that doesn't sail is a partnership."
-Dave Ramsey
👊🏻💥👄 POW! Right in the kisser!
Couldn't one argue that the only ship that does sail is a sailboat? Lol cute sayings are fun and all, but only if they make sense
@@dougtond1380 Ikr XD. Plus it's from Dave Ramsey, a boomer cultist.
Nice original thought, oh wait.
I decided to put my apartment on on Air B&B a few years ago. Since I have anxiety and I'm not good around people, I asked my friend to partner with me. He would take care of all of the guests, and we would split the cleaning duties. The first month was fine. Then he said that he would just pay a cleaner to do his part of the cleaning, which was fine. Then he started going AWOL when guests were arriving, which meant I had to greet them and check them in. It was stressful at first, but after a while my anxiety subsided somewhat and I was confident enough to greet the guests. I would NEVER partner with anyone again. I realised I have to learn the skills required myself and get over any fears I may have.
Open carry, it makes you confident
@@franzferdinand5150 guns don’t make you confident. Confidence comes from within
@@silentx9709 It's a joke
@@franzferdinand5150 Liberals don’t know how to joke.
I can't make partnership work either. The resentment thing is real if the other partner is not pulling their weight.
I can’t work with a partner either, because then there is two brains working on the same thing. So this will inevitably lead to conflict, where I will get so frustrated that I will want to take over the entire thing.
Then why don't you assess the reasons for resentment and talk about it? It's not the other person that is resenting, it's you.
If the other person isn't doing any obvious damage that should end the partnership and it's just your ego, it may also be a sign to work on your social skills and to redefine a common vision to make it work.
@@TheNinnyfee I’m currently feeling resentment towards my business partner because they are not working at 1000% like me and they also put a lot of their energy and time into their other obligations.
@@rainypath96 I get that, and maybe it's better to separate. But have you assessed if they are bringing something valuable to the table you aren't? Maybe you have tunnel vision because you want them to perform exactly as you expect. That will never happen. Have you talked to them about it and compared expectations? Or examined your own current frustrations or leadership skills? I am not saying your business partner doesn't use excuses and you would be better off without them, I don't know the details. But sometimes context matters and lessons can be learned. All the best for you and the future of your business!
This guy is a case study for many business owners, I work 70-80 hrs a week. Don’t tell me to take weekends off, I work when inspiration strikes and customers are buying.
This is true. I stopped collaborating with friends on a project as soon as I realized this.
I’ve had partners on multiple ventures and everything that he said happens, happened. But on the flip side, I have seen partnerships work. I think he’s right when he says that it has a lot to do with your personality. Although, I think it also has a lot to do with the type of business you’re in.
Yes, it's very true. Partnerships can work and have worked. It totally depends on the people involved. It's a double edged sword but if u can make it work it would be so benefiting.
“Learn how to fill your own hole.”
I died.
Bars
Autofellatio! Self help is the best Help! Lol
I like to fill someone else's, not my own hole.
Hee Hee I get it
Ya dirty...! hahahaha
Thanks for your honesty. I'm tired of hearing others say that working alone is something stupid. I have wasted more time partnering with the wrong people than working on my own. Of course this depends on our personality, but beyond that, is so easy to fall in the trap scenario where you are carrying more weight than your partner, but the earnings, credit and rewards have have be split 50/50, because almost no one wants to partner with someone who is going to earn more than them.
That's so true, it is really hard even when freelancing, my clients suddenly become my friends and things become really difficult when it comes to making business decisions.
Racheal J working with small businesses I have seen this failure in at least 80% of partnerships
I can relate to this
Damn this happens to me all the time
If this is happening in your freelancing it's probably because you're not setting enough boundaries between you and your clients. There should be no reason freelancing clients are becoming that close to you. You've got to be assertive and define clear boundaries for what you will and won't allow. Be friendly with your freelance clients, but don't be so friendly that lines get blurred.
Solid perspectives as usual Chris! Although I may be an anomaly to the topic, I partnered with my longtime friend for a wedding video company that ended great. We went strong for more than five years, traveling the world producing a few award-winning wedding films. Our talent, style and drive to succeed were equivalent and built off each other easily.
Through the span of our company I got married, had kids and aspired to dig back into my graphic design roots and entered back into freelancing. My partner understood and I left the company willfully and amicably. He still shoots video and we are still good friends and talk often, literally like yesterday ;) Again, I'm sure I'm one of the few, but my friend/partner had a great run and plenty of memories to last a lifetime.
Sometimes it works.
He's more a twin flame than partner
Figured this out with my sister. Like Chris it's really hard to compromise. I want to move. Not be held back on the ground. I want to dream big. And even bigger. And work to that. Unfortunately my sis is the complete opposite. She first needs to figure herself out before she can commit to such a project. Great advice Chris. Incredibly valuable and wish I had this sooner
Blood and money should never be mixed :)
A partnership can work... I’ve been in partnership for years and it’s worked out. I will do any new business solo though because of course it’s good to be able to do whatever you want to do and keep more of the business profits. However, if your partner is bringing skills, assets or funding that’s critical to the business, then having a partner is simply practical.
they can work. just not for me.
What he's saying makes sense, it seems like it's best to partner up for a certain amount of time to get something done and then once it's done dissolve the partnership until you may need to partner again. Partnering up if at all should be super limited, that's really great advice.
I knew from Day 1 of December 2011 I didn't want a partner, and still feel that way in 2021 on my 10th agency anniversary!
Congrats my man
“If you want to go fast, go alone. If you want to go far, go together.”
Love it
- Elon Musk
This saying somehow contradicts the video content*
@@bouzidomar333 but few people can notice it!)))
You can go far alone. Less to carry.
It's ok. You still love Jose.
Haha 😂
@@thefutur We all love Jose.
Yeah wasn’t there another dude on this channel? Where the hell did he go?
Clayton Alexander I wonder this too
Thanks guys!
Self-awareness is on point here. " I work like an animal, like I work all the time. And not only do I work, I work smart, I work super efficiently, so that means that my output usually is 4x somebody else." - Chris is more advanced than most.
so like the same beast, but a different animal at the same time.
Cold hard truths. It's nearly impossible to not have an explosion.
I've been in the same boat several times... no more partners for me. Employees, contractors, but no partners.
Thanks for sharing
You need to pay employees a lot and equity as well if they are great.
I spent 8 hrs trying to find a cofounder. Never found them because I never needed them to begin with. I identify so much with what he’s saying.
a confounder
What did you expect to find in 8 hours? Lmao
8 hours? lol
My dad told me to never sit down with anyone that you can't get up and leave sitting there without you...clients, family, or otherwise.
@@Ecosteven Lol, ikr. But what I think he meant was, never be with someone who would talk trash about you in your absence i.e. they talk trash about you when you leave the table.
I know what your trying to say. It a doozy concept to say in one go.
Yesssssss. Omg.
Thanks for being humble and for sharing insights! Collaborations on specific projects may be an alternative, for example, for a potluck dinner, each of the dozen person bring their favorite dish so we learn and enjoy and benefit from people with different skills!
Thank you so much! I tried partnerships twice and it backfired. I can't seem to put my thought and emotions in words but this guy read my mind!
All I can say is... *GOLD!* The nuggets in the short video break the LOGIC scale! Incredible!
The missing piece analogy was hit me so freaking hard.
I'm 26 y.o and feel so exhasuted because that "hole" thing. People tend to build the relation with me because most of them is trying fill their lack of ability to solve the sort of specific problems. While I try to slightly educate them so in the future event, they can solve their own problem and we can make an unpressured friendship.
But the mostly output from what i did was 2:
- First: they leave me when they can solve the problem themselves
- Second: they just keep diggin me because too lazy to improve and push me with that-so-called gratification
In my side, I always though why I can't be them?. Because I'm so self-oriented when facing with problem. The problem make us stronger, so if you can handle it, you grow up. Most of my colleague took my ability not as inspiration, but as resource.
Why I was so exhausted? because when someone ask me to help them (in terms of friends call, not a professional offer), technically that's not my problem. You never feel the resolution after you resolved something that isn't yours. And what I do now to be freaking firm with my own problem. I love friendship and kindness for helping each other, but when you face between two, make sure you prioritize your problem. True friend will stay.
So much hard truth here. Thanks for being bold enough to say it.
Or when you lack a certain skill - hire/pay/commission a professional! Establish relationships with 2-3 professionals/companies who are proficient in the areas you are lacking so that you can rely on the other if one is busy or unable to do your work. Calculate it in your bid and try to make it work.
I have a business background and am learning design because I was learning branding and marketing lol. I am testing the waters and I will decide where to get deeper and where to learn enough knowledge so that they don't treat me as a fool and rip me off when I am purchasing expertise. It is hard. It takes time. There is a lot to learn. BUT Taking it step by step helps and the confidence boost you get from knowing that you have knowledge in a previously dark area is amazing.
With this new knowledge, I managed to clarify what I want in the logo for my brand and why! And my designer was pleased and confident about it as well! Made her job easier!
Some good advice Chris. Ive had three partners in three separate businesses. And they all had pros and cons. Some were better than others but some of your pros and cons were right on point. I work a lot because i enjoy the challenges. I like to learn new things. Running small studios you have to wear a lot of hats and id say resentment also sets in when your partners only do the one thing they know how to do and wont learn to do anything else. I have also learned some very positive things and had some great experiences with partners as well. I was working myself to death and one of my partner’s taught me the merits of client boundaries and making time for you. Took a while but it’s something I’ve adopted. I also learned from the same partner about designing and moving fast. I used to labor over my designs. Now i make stuff. Make a lot of stuff. Iterate.iterate.iterate. I step back for a while. Review and iterate some more. Ive found giving designs a day (if you can) and looking at them with fresh eyes helps change your perspective in your own work and you can try new things. Thanks for putting these out. Inspiring tips.
Really appreciate this perspective! I agree, and the business my partner and I operate only works because we both work like mad and set clear boundaries for who calls shots on different projects and areas. It's a huge risk with a big reward, but finding business chemistry is like catching lighting in a bottle.
You might say rocketfuel? Haha I'm an Integrator in this business system called EOS - basically, I'm the "2nd" person, and I'm incredibly proud to be THAT person. The concepts are laid out in this book called Rocketfuel by Gino Wickman. I've seen reading that book change the lives of so many visionary type people.
Chris, please tell us more about 'working smart' and productivity. Would love to hear your tips and tricks. Love your content. The best out there imo
we have some whiteboard sessions on this.
@@thefutur Thank you, i will definitely check them!
You hit the score on every single point. I'm currently struggling with this situation (unbalanced workload/responsibility/motivation) and it's a burden that adds up to day-to-day operations.
Chris is fountaining knowledge, as usual! Wow. Btw, I feel like I prefer the futur videos to be way longer because it isn’t ever enough of The futur for me!
Agreed! The Futur is one of the only channels that I can watch 1 hour +!
Agree!
5 partnerships and I can tell you that this is the truth. You win together for a while, but as time goes by you are bound to drift apart. And I always outworked them.
My last partner left me out in the cold at a moment's notice. That was 2 months ago. Now I am utterly convinced that it is not a sustainable idea in the long term. I would rather just collab on ad hoc projects.
maybe it took you 5 times to realize that you are better off on your own.
YES!!! Thank you so much for putting words to what I always thought. You don't hear this point of view very much. I'm always the one working more and better, and then incompatibility rises. Very tough to make things work like this with friends.
Funny how I've always believed there no is "gap filling" for love relationships, but never applied it to business! Although I always learned the stuff I didn't know simply because I hardly trust anyone else's "expertise" in a given subject without me knowing at least the basics. This "tactic" has allowed me to notice scams early on.
I feel like this everyday like I am putting out more than others are at my work and constantly trying to build and grow sometimes I feel thats part of the stress along with my work, so I can totally relate to you in what you mean about being efficient. Thats also a reason why I would rather stay late then let the specific day late night team work finish up my stuff because I want it to be done right and not sloppy, because either way I will have to clean it up the next day.
My former partners, “friends”, bought my business and screwed me out of 500k. Needless to say, we don’t talk now.
Wtf? Sorry. Partnerships are very risky situations
OMGGG. Hope you're ok now
Powerful advice. I’ve been through this myself. Working for yourself is always better but Self Awareness is key.
Faaaak, Chris soo much true and I'm 100% with you on this one. It's not a popular view but for me that works as well. I tried few times and it didn't work.
100% right on. The first point: you work harder and naturally resentment builds. Been there so many times and I've only recently started to put my finger on it. Not making the same mistakes again.
You guys are on point with everything. Love these Q & As
I love you, Chris! I can't believe how much my life has changed binge watching your content for the past month. Every answer I am looking for, I want to hear it from you. My search queries begin with Chris Do.
I just broke ties with my partner, the first thing I did was look for this video. Thanks for adding so much value in my life
Jesus Christ man imagine not thinking for your self
As soon as you framed this by first stating your personality and telling them to think about whether or not they should even consider the advice, I knew it was going to be great stuff!
dude this video made me cry!! it's all so true. miss my best friend and former partner so badly =(
But it didn't went bad cuz of work, it´s really hard to separate friendship from work.
This video was spot on, and I learned why I've had business partnership failures also. Great insight!!
This was very insightful and needed in this moment!
So true! Just go learn the skills yourself. It is also a good thing to improve yourself and be more well-rounded
realest advice ever. you've spelled out virtually every partnership I've ever had.
Thank you for being real! Awesome hat!!!!!
The truth hurts...but I needed to hear this.
Chris is the man I love this guy. I’d love to meet him. I’d be intimidated but buzzing to be in the presence of greatness!
Truth! The Ultimate Truth, we need more of this, you are an excellent speaker who gets straight to the point.
It's almost like you've thought about this before he asked 🤣
What's your thoughts on this topic?
Almost like it happened to him three times?
this is gold I don't need it now cause I learned the hard way but I could of done with it about 3 years ago
Love the video and advice.
I personally find it tough though to "learn" as you go because you often forget the skills you learn unless you continuously build upon it. For example, I learned how to create video animation with Adobe After Effects to create a promo video and then stopped learning to focus on other parts of the business. A few months later, I had to tweak my promo video but I forgot how to use Adobe After effects and I had to relearn it. Even though relearning Adobe After Effects was a lot quicker than the first time of learning it, it still took awhile and ate up the precious free time I had to work on my side business.
Now multiply that pain of relearning by x4-5 and that’s how I feel on a weekly basis because there are so many more aspects to a business that needs attention such as advertising, sales, accounting, the product/service you're trying to build.
Exactly my thoughts. We can't cover even the basics of everything. What are some possible solutions to this?
You sound like my older family members (in a great way). They owned their own businesses and, yes, sometimes employed family members (sons and daughters, training them) but they were wise enough not to have friends come on board.
I have always been taught, in life, not to blur the lines between the two (business and friends) as that clouds judgement. You have your lines clearly defined so that everyone knows where they stand and that gives you more clarity when making decisions. We are more inclined to accept lower standards by those we know well or to place unnecessary faith/trust in those - letting down our guards and intuitions.
Have been a new subscriber over the past week and am really enjoying what I have seen of your content so far; really impressed with the information you are sharing (thank you). A fellow home educator here too. 👍
Perfect timing, thanks so much!
That was extremely real.
#2 and #3 helped me find the words to express some hesitations I've had with working with others. Never really knew how to say it without sounding arrogant. Thanks! This helps a lot! Point #1 also resonated with me, I just assumed it was normal and something I'd have to accept.
It seems I'm living a paralex life with Chris on this planet, same thoughts on this partnership matter. Wow. He is 110 percent correct by the way.
that's his opinion and yours.
Thank you for this Chris!
I thought always it was a failure to NOT have a partner! Now I feel like a winner 🤩🤩🤩🎊🎊☺️
Love your work. Thanks for bringing Jose on clubhouse and talking about everything. You have made us all a better person.
You bet.
This advice is so on point and profound - wisdom. Thanks!
This is so true from start to finish, experiencing literary this at the moment.
Best advice on partnerships under 7 minutes ever!
literally the worst advice ever, nothing he said makes sense or is correct!
@@johnholland2825 why?
I love Futur channel insights. Chris is spot on here to present his candid self-analysis of his own alpha personality before his personal conclusion about partnerships. After a brief period of initial friction, my partner and I sorted out our respective roles in our small carpentry business early on, each of us accepting and appreciating that one of us was a highly effective "point guard" (handling the business side), the other a great "shooting guard" (focusing on the craft side.) Either of us could have led his own company without feeling an overwhelming need to fill a "hole" in his personal skillset, but teaming up enabled each of us to concentrate on the part of the business that best matched his respective training and passion. We worked together for over forty years without regret. In boxing, styles make fights. In business, personalities make (or break) partnerships. In Chris' case, experience and self-awareness taught him that flying solo is best for him. But the Alpha model is not the only one that can lead to success.
Some hard truth. Thanks for keeping it real as always, Chris. I hear you. And I get why a partner could slow you down specifically, but I'm wondering about instances where the partner helps you go forward faster? Perhaps fill the hole first, then delegate from a place of strength, not dependency?
I am a workaholic and what Chris said just now makes so much sense.
I totally agree
I've never seen so many gems dropped in such a short period of time.
Hi Chris, Absolutely spot on…….You are talking for me also……….that’s why I am 70 yrs young and I AM STILL GIVING IT SOME,
I love Everything about my Business!
Great Stuff! What Great info you are giving!
Gary
Wow, just wow. You confirmed why I felt but didn't have the articulate words for.
I avoid partnerships like the plague. Didnt work for my grandfather, didnt work for my dad..it sure wont work on me.
To fill a hole or something missing in me means that I need to go learn it ~ this resonates with me well, thank you 🙏
Definitely on the same page with you Chris, I am feeling this 100% at the moment
This hit different when you just walked away from a partnership loll 😂😂🤭
Thanks for this. I just realised that the people I would not consider as business partners seem untrustworthy and a burden to me. And as for people that I would definitely consider as business partners probably think of me as untrustworthy and a burden. So no, I should not go into business partnership. Only boss-employee relationships with non-friends.
Damn, Chris, solid advice again. I’d do some pretty unspeakable things to get even an ounce of that energy and efficiency! Power up, brother.
I needed this advice 5 years ago! Now I know and completely agree with!!!
My guru thanks for the wisdom Chris🙏🏿🙏🏿🙏🏿
Thank you very much Chris for that response. Just what I needed. I actually had a meeting with two guys today who were asking for a partnership agreement as a means of paying them for a website they intend to build for my business. I actually thought it was a good idea until I had this meeting with them. I have a strong feeling that these guys will slow my speed. I don't really feel ok with them. I guess I will just have to let them go. thanks again
I needed to hear this. Thanks Chris.
You’re very welcome
NEVER AGAIN!!! I had a business partnership that started off great, we were both doing well. Our companies merged together very well - then the other companies silent partners got involved and everything went to shit. It's the reason I took a couple of years away from the design world - I lost everything due to my poor decision to partner with another company. I have yet to hear of a great partnership.
Apple
@@clintondonatus1696 Not true. Steve Jobs and Steve Wosniack had a fallout which Jobs left the company. Jobs came back many years later.
I can so relate to this. People can be buzzkills when it comes to ideas, especially eccentric ones. Egos get in the way; and I can't do it. Productivity for my own company starring me, as egocentric as people will decry it, doesn't matter, do what you know will work and do it alone if you must
So true and helpful! Chris Do is my master.
Great call Chris. I appreciate this.
Gold as always, Chris.
As a photographer I felt that line after you finished the 💭 regarding the hole.
Something I went through very recently..this is true on every level. I've wasted 1 year of my life now..Wish I would have seen this earlier.
I totally feel him on the aspect of people not seeing your vision. That can be the most frustrating thing in a collaborative process. It's not even a difference of opinion so much as it's a wet blanket
Damn, Chris! Droppin some knowledge as per usual💪
I have an investor partner that just cares about the business side and works well... I do all the creative work and he takes care of the business side and cash flow fairly.
This couldn't be more true on everything you said. I just split with my partner and a lot of the stuff you were saying did happen. Now we don't speak at all. He was supposed to help me bring in work and never did that. Yet he wanted to be paid out on projects he didn't even get involved in or even ask about. I couldn't even get him to work with me for an hour a day, so it came time for us to go our separate ways. He is already partnered with someone else, so now they can deal with him.
Master Do dropping wisdom. I needed to hear this, thank you.
Great advice! Thanks
love this, thank you Chris 🔥🔥🔥
So interesting. I often wonder about finding someone who is a really strong operations person who could help me to deliver on my 'crazy visions'.
But I also know that I also don't want anyone trying to slow me down and if I'm honest I probably want ultimate control.
😀🕺🏽🎥🏖🇦🇺
I added the Aussie flag as still want to partially flog the "I'm in Australia" horse
This is gold!
OMFG! The filling in the missing piece was so freaking perfect!!!
When I asked my friend to be my realtor and sell my house, it was difficult for me to confront him about his mistakes. He listed my house in the wrong county, took photos from the same angle just two feet apart, and told me I was asking too much money. The emotional attachment I had to our friendship made it hard to separate my feelings from the logical decision to fire him and hire another realtor. In the end, I hired a new realtor who sold my house within two weeks for asking price. Though my friend never spoke to me again, I have no ill will towards him and wish him all the best because I learned a valuable life lesson about hiring a business partner. Thank you Chris love your story.
I see the point. Im also on a partnership that went south cause of greed and politics. But still hanging on cause i felt like ive prepared 2 years before launch the brand and now going 3, so total 5 years.
My partners only take credits of others work and made the company a piggybank for personal reasons although came from high financial status.
Now we hire someone to do the business. This i think is best. No more unnecessary clashes. I can pivot and work on other things while the business is running by it self.
Lesson learned:
1.Defining expectations, agree, sign on it.
2.See characteristics of the person, go out, travel few days, before make partnerhip, dont do it if the person is negative in nature, even if the project is gold.
Plus guys please read slicing Pie, that book is revolutionary into this partnership issues
Will check it out