A short transcript of a YouTube interview ("Partnerships in Business | Entrepreneur James") where two speakers—one named James—discuss partnering in business. Key points: deciding when to offer shares to partners (example: Kayl), the loneliness of starting a business, James’s experience bringing his brother Dan into his second business (Ronald James), and the importance of formal agreements and exit/buyout clauses (a "Russian roulette" style mechanism) especially in 50/50 splits.
So if I ask if I'm being selfish and ask it from my perspective the biggest thing for me is so Kayl's partnering up with me. So for a start that's like shares in the business.
Yeah.
Which is an area that I never thought I'd be venturing to. I think that side of things like knowing when to partner up like the right person to partner up with. Not jumping into bed as the phrase.
Goes like too soon I think, I mean I was quite ultra focused on just growing the business myself personally when I first started my business, my second business Ronald James. But very quickly I got my brother involved Dan. So he, he was with us pretty much from the start because it is a very lonely road. When you start off as an entrepreneur in business it's very exciting at first because you plan everything so you're thinking of the office space, your brand, your website, how cool it'll be to win some clients. Getting the first invoice into the bank account that you've been charged. Like all those days were great fun and good little milestones. But then you know, you realize you can only get to a certain level by yourself and I'm very guilty of that as well because I'm very sometimes maybe over controlling because I wanted, I feel I can do everything quicker and that's not really the case. You have to in order to scale as Grant Cardone always preaches as well when I watch his videos. In terms of growing you can only go to a certain level by yourself. You need people regardless if you want to run a 1 million pound agency to 10 million to 100 million it takes people. There's only so much you can physically do as a one off either consultant or trainer or freelancer or what have you. So partnerships is good but like I say you've probably you need to have a breakdown closing there. I think so maybe not just setting up your business on Companies House but you want to have an agreement to know well what if this happens? So if something goes wrong this is how we are going to part ways. There's a couple of terms that you can use in the documents of memorandum that'll help you with that as well because I think one's called like I might be wrong with this but I'm sure it's called like the Russian roulette or something where if you both are unsure on where you want to go the direction of the business and you really at loggerheads then you can choose to buy that other person out the business or vice versa and whoever offers the most money pretty much wins that so it gives you a cleaner cut rather than you be at loggerheads and you're stuck. Yeah. So sort of gives you a root ounce so that do you know if.
That'S when it's a direct 50, 50.
Or 50 that's 50 50. Yes you're 51.49 but there is some you probably need to take more legal advice on that but it doesn't necessarily mean that you have full control. Bear in mind you've got 5149 but I wouldn't really I wouldn't get boiled down into that as a startup because you consume so much time just go out and make money. Go out and give value to your clients and service and worry about that probably further down the line because you could be worrying about things that might not ever happen. But yeah I think a partnership is good because you need more people to leverage what you want to do for sure. Sa.
