Look Who it Was Random video

Choosing the Wrong Partner Blows... (WHW #13)

1,926 views · Published 15 August 2018 · 7:25 · Indexed 25 September 2026

Channel: Wealth Hacker - Jeff Rose · 2018 · People & Blogs

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What’s up Y’All, Welcome to another Wealth Hack Wednesday!

If you haven’t noticed, I am not at home, I am in Puerto Rico.  If you are wondering why, you can watch another video, which I will link in my show notes.  I am here because I with a business partner and meeting with another future business partner. 

That is what I want to talk about today, how do you hack your wealth?  How do you grow your wealth?  If you have a business, if you are an entrepreneur, if you are looking for exponential growth - one of the easiest ways is to form a partnership.

Partnerships can be amazing!

They can also bite you.

Let me give you an idea of what a good partnership looks like and what a bad partnership looks like.

Partnerships can be so valuable when it comes to growing a business. When it comes to your business, your niche, and your expertise, you only know so much. You only know what you know.  With a partner, a strategic partner, they can bring on expertise and experience that you don’t have.  Finding the right strategic partner can grow your business exponentially. This is what I found in  my online business partner.  

This is a guy that knew things about SEO and monetization that I didn’t know.  Another thing he brought to the table was the ability to manage team members.  When it comes to management, well, that is not my thing.  It doesn’t freak me out, it is just boring to me.   I want to be the idea guy  That is what excites me!    

Having a partner allows me to work in the space that I love and that I dominate.  There are a few things that define a good partnership. First let me tell you about a bad partnership.

I had my financial planning practice and I was going to start my own independent insurance brokerage firm.  A guy that I knew had insurance expertise and knowledge of running his own independent brokerage.  So I decided to join forces with him.  Let’s just say it didn’t quite work out the way I wanted.  

With any new business or partnership, there is a certain process that I go through to check criteria.  One of the things I considered was ‘Is this going to waste my time and distract me from other potential business opportunities?  That was a point that I lingered on for the longest time.  I think deep down I knew that this would be a time drain. Even worse, I trusted the guy and knew he was hungry for success.  After a year, he just disappeared.  He didn’t return my calls, ignored my messages, etc.  Now, if it was a substantial amount of money I would have went after him, but I felt taking it further would be more of a loss.  I just wrote it off and moved on.  That is an example of a bad partnership. 

The partnership with my online business was phenomenal!  The way that it is structured allows both of us to operate in our spaces where we can flourish.  It allows  me to be the visionary while he builds the management team and focuses on the SEO and monetization. It has led us where we are today.  It has allowed us to form another strategic partnership.  But first we asked ourselves: Can we continue running the business the way that we want without any outside distraction?  With this new partnership, that is exactly what we are able to do.

With the failed partnership that didn’t work out, that was the one criteria that I knew was going to be a distraction.

We have done our due diligence.  At the end of the day, we can continue running the business the way that we want without any distraction. We can continue our lifestyles the way they are now.  Being able to spend time with our families and not have to put in a lot of additional hours.  With this partnership we can continue our lives the way we have been, but it also allows us to open some doors that we didn’t have access to before. We can get that by joining forces with this strategic partner.

I am 100% confident that we will be able to do that with this partnership.

Before you enter into a partnership, think about some of these things.  Think of it like a marriage.  Be careful.  A partnership is no different than a marriage.  Who you partner with is no different that who you are sharing your  bed with.  If you sign on the dotted line too soon, you have to figure out a way to get out of it, similar to a divorce.  It can end badly and you don’t want that.

I hope you enjoyed this Wealth Hack Wednesday, stay tuned for next week's hack!

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