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10 – Partner Tax

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James’ student Terry had great ideas for his company. What kept him from implementing them was his two business partners. Learn some hard truths about partnership and find out what happened when Terry took James’ advice to own 100%.

partner-tax

The concept of partner tax

 

Topics discussed:

00:31 – The first double-digit episode
01:04 – A little black Wi-Fi cracker
02:45 – 2 partners too many
04:13 – Terry’s dilemma
05:02 – The Partner Tax: There is such a thing
06:06 – James’ partnership experience
06:41 – The ultimate scenario
07:19 – Steps to start going solo
08:36 – What resulted from sole ownership
10:37 – The lure of partnership
11:20 – Joint but separate
12:44 – What’s involved in buying out a partner
14:14 – The whiteboard revelation
15:04 – How owning things worked for James
16:17 – Pointers so far
18:26 – If you really need support
19:25 – Assess your current partnerships
20:28 – Getting outside help
21:13 – Holding up a mirror

 

Case study summary

 

Tweetables:

Learn to brave up. [Click To Tweet]

Reframing partnership [Click To Tweet]

Create your own benevolent dictatorship. [Click To Tweet]

Your best (and worst) partner is the person in the mirror. [Click To Tweet]

 

Please leave your comments below

 

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  • Great advice guys. I can’t seem to find Reva Systems. Would you be able to post a link?

  • Sorry Lawrence you’ve been knocked off top spot episode ! This was an awesome episode which I am sure many like myself can relate too .. in fact Id rather pay income tax than partner tax! Clear concise and enjoyable to listen to always.

    • Cool!! Thanks Paul

    • Taki Moore

      “I’d rather pay income tax than partner tax” — comment of the week.

  • Juho Tunkelo

    Loved this. My first two companies failed largely due to partner troubles, unnecessary jealousy, differences in work ethic, yadda yadda. Great perspective here.