Business Partnership - How to deal with difficult partners

✎ Get free access to our vault of PDF summaries for every YouTube video here: ✎ It's great that you're thinking deeply about partnerships as you work on your startup. Partnerships can be tricky, especially when it comes to balancing work contributions, roles, and sharing profits. The key to avoiding the common issues you mentioned, like ego clashes and unfair distribution of work and money, is clear communication and a well-structured agreement upfront. First, it's important to define each partner's role based on their strengths and contributions. Everyone should know what they are responsible for, whether it's operations, marketing, product development, or finance. The clearer the roles, the less room there is for conflict over who’s doing more or less work. When it comes to profit-sharing, there are different ways to approach this. One option is an equity-based split, where each partner owns a percentage of the company based on their contribution, which could be a mix of money, time, skills, or resources. Another approach is to create a performance-based system where profit distribution reflects the value each person is contributing. For example, partners could receive a base salary or equity share and then receive additional bonuses based on the results of their work. ★★★ JOIN ME LIVE ★★★ • I go live every week. Join me & ask your questions: • or You can ask your question in our Discord: ★ BOOKS ★ • Momentum: • Build to Serve: • Your One Word: • The Top 10 Rules for Success: • 254 Confidence: ★ RECOMMENDED VIDEOS FOR YOU ★ If you liked this video, you'll love these ones: • Maya Angelou's Top 10 Rules for Success - • STOP Defaulting to Solo Entrepreneurship! How To Build Your Pack and Succeed Together - • Evan Carmichael’s Top 10 Rules for Success - ⚑ SUBSCRIBE TO MY CHANNEL ⚑ If you want to do great things you need to have a great environment. Create one by subbing and watching daily. ツ CONNECT WITH ME ツ Leave a comment on this video and it'll get a response. Or you can connect with me on different social platforms too: • My Live Calendar: • Instagram: • Tiktok: @evancarmichael • Discord: • Twitter: • Linkedin: • Facebook: • Website: ----------------------------------------------------------------------------- Thank you for watching - I really appreciate it :) Much love, Evan #Believe