Aaron Walker Live From The Greenway

10 Tips On How To Create A Great Partnership

Posted by Aaron Walker on Mar 22, 2021 9:00:00 AM

10 Tips On How To Create A Great Partnership.

I have had about a dozen partnership over the years of me doing business. Don't let people stop your dreams when they tell you that partnerships don't work. That's not true! If they are carefully planned and structured. There has to be an operating agreement!

Here are some tips and things you need to consider so you can create a great partnership.

1. What is the business evaluation formula if we decide to sell? Deposit/length of time/interest rate/etc ( This should be a price that dissuades the partner to sell, not rewards him)

2. What if one partner develops a competing product? Does this negate the partnership? I suggest a length of time for a no non compete.

Who owns the product and platform if you dissolve? What happens if one partner dies?

3. Do I have first right of refusal if the other partner wants out? Will the same evaluation formula be used? Historically, you are penalized when leaving prematurely. This always encourages the partnership to remain in place. It keeps each partner from plotting an early exit. Keeps everyone honest.

4. If a cash influx is needed from the partners are you agreeing to bring your % equal to your ownership %? How much time is allotted for your contribution? What is the plan if the partner says I don’t have or do not want to contribute additional capital?

5. How will the profits/proceeds be distributed? This is a big concern. I suggest a % be distributed and a % be reinvested back into the business. Don’t establish a dollar amount, it always changes as the business grows.

6. When will profits be distributed? Monthly/Quarterly/Annually?
Your needs will always be different. A formula for distribution of profits needs to be in place regardless of your needs. Never distribute based on needs of the partner, this will cause hardship and confusion. Distribute on a schedule.

7. What is the job role/responsibilities, of each partner? Write them out.

8. What is the process if the partner falls on hard times and wants to sell? Non elected, forced ( Bankruptcy, divorce, health, etc..) Formula for evaluation/terms/first right?

9. Is there a dispute clause if you reach an impasse? Or, majority owner holds the red button? This could be a phased approach. 1. Owners decide 2. Trusted advisors decide ( predetermined) 3. Arbitration

Where will the partnership be incorporated?

10. There should be a vision/mission/core values.
You cover these big topics and your future life will be much better, I promise.

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Maybe Someday

Posted by Aaron Walker on Mar 17, 2021 9:00:00 AM

Ditch the fear and do that thing that you have been procrastinating. Do it TODAY. We always say that "we are going to do it someday". But the thing is, that "someday" is never going to come. There's no better day than TODAY! Get started! Get in the game! Pull the trigger!

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Topics: Motivation, Character, Masterminds, Success, Significance, Priorities, Tips, Commitment, Persistent, Clarity, Decisions, Crossroads, Encouragement, Discouragement, Leadership, Determination, Attitude, Procrastination, Opposition, Fear, Now

How To Adjust Your Attitude For Success

Posted by Aaron Walker on Mar 15, 2021 9:00:00 AM

Have an attitude of being grateful whatever the circumstances that is happening or happened around you. What about you? How do you look at things when things in your life happen bad? We've got to have a positive attitude. I promise you, it is one of the keys to your success.

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If It Truly Is Important You Will Find A Way

Posted by Aaron Walker on Mar 5, 2021 9:30:00 AM

I want to tell you something. I hear guys every single day because I coach, talk about the things that they do for six weeks or 90 days and it's not working and they abandoned. I met an an old lady the other day in the YMCA. As I observe her, she kept going back and forth. I don't know how old she was and I waited until she got finished and then I went up to her and I said, "Man! You are so inspirational to me and I want to talk to you for a minute?" She said, "I can't hear you that well speak up." So started speaking up to her and she was just a sweetest old lady I've ever seen in my life and I said, "How long have you been exercising?" She said, "I exercise six days a week." I said, "Man, that is amazing you've been doing that very long as she says every day for 17 years. It was so inspirational to me since she said that and I said, Man, I hope when I'm your age I'm able to do the same thing!" She said, "You don't want to know how old I am." I said, "Would you tell me", and she said, "I'm 87". This lady does her exercise every single day except Sunday. I thought, that's discipline! Where are we missing it in regards to our business career not implementing some strategies like the senior adult lady does at 87 years old. Six days a week she goes to the YMCA and works out! I'll tell you looking at her I think she's a better shape than I am and the reason is because she's disciplined! We can't let things get in the way. We can't let obstacles get in the way. I want to encourage you guys to be disciplined. If it's important, you'll do it!

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I'm Stuck And I Don't Know What To Do.

Posted by Aaron Walker on Mar 1, 2021 9:00:00 AM

So, what do you do when you're stuck? Get people around you, ask plenty of questions, set your pride and ego aside, and go out there and live the life that you've wanted to live. So, if you're stuck today get those people around you. Change that mindset and be willing to not compare yourself to other people.