Codie SanchezFounder @ Contrarian Thinking

If ONLY I knew this ONE THING before Buying a Business... #shorts

11 Sept 2022 · 1 min

Watch on YouTube

0:35

A short YouTube clip (shorts) by Codie Sanchez warning viewers against entering 50% business partnerships based on a personal costly mistake (she mentions losing about a million dollars). She strongly advises against 50/50 ownership, recommends avoiding equal partnerships and instead running the business as a "benevolent dictatorship" rather than a democracy.

Chapters

I made a huge mistake in one of my businesses that cost me something like a million bucks. And it's the number one thing that I think people should know before they start a business and that I wish I knew. I don't think you should ever, ever, ever if you didn't hear me in the back. Do a 50% partnership. Should you even get a partner in your business? I think the answer is no. 99.9% of the time. No. 50% of marriages end in divorce. And I'd assume almost 99% of business partnerships end with people doing different things. Investors, employees, co workers, minority partners. All Those are awesome. 50, 50. Never bet on yourself. Instead, people along for the ride. But it's a benevolent dictatorship, not a democracy.