I started my own mortgage services company here in CHINA! How many minds do you think I tried to change when I first started? Plenty.
In running my own business I realized, as others have said, that one must simply do the business and likely partners will emerge. Trying to sell to who YOU think would be a good partner is a waste of time. Create something so that the good partners find YOU. Then you screen them out and use your own leverage to maintain control of the organization.
I can understand your frustration but you must get them away from you fast. They’re sapping your strength and the time you would spend doing the business. best of luck. Joe Zimny
I am an experienced investor that is becoming quite discouraged. My company that primarially takes over housing via the Subject To method looks great on paper and is running quite smooth, however the profit is still a ways off. Once it comes in there will be plenty of it. Some of my business partners are loosing foresight and the necessary drive to go with it, and it has since caused all of us to go back out and get a steady means of income coming in again. My team is in serious need of repair and I am trying my very best to rebuild it stronger this time without coming across as a tyrant or self-proclaimed headhoncho. WE all have what it takes to be leaders but need that missing link to reignite the fires underneith ourselves. It is either time to get big, or get out of the business. I have already made my decision to get big, now what do I have to make happen to bring the others up to speed so that we all can get out of this slump? I don’t expect a miracle answer or a profound statement. I know that the problem lies within. I now would like to know how the seriously successful investors out there got through these stages in their businesses history. 1,000 thank you’s to all who are courageous and humble enough to respond.
Again, Thank You For Your Time
M
You’ve already got some great responses, but I thought I’d chime in with a thought or two:
most people you think of as investors - aren’t;
patient money (and investors) are very rare;
avoid using folks weaker than you;
make sure your business plan allows for investors to be replaced periodically (and for mistakes); and
you should be trying to become better not bigger – what I mean is that profitability is not linked to size. One safe deal with tremendous profit is worth how many mediocre ones?
The fact is that as you grow in sophistication and experience, you will have less need of partners – of whatever kind. That’s usually a good thing.
On the other hand, good partners can make investing a joy. But they should bring more to a deal than just money – experience and wisdom are just two characteristics you might want to add to your list of qualifications.
And if you can somehow couple those virtues with a bit of patience, a love of laughter, and an honest concern for other people – you have a definite winner.
Are folks like these hard to find? Yes. But the real question is are they worth the trouble?
Hah. What trouble?
Take care,
Eric C
PS - most of us end up working alone. Its just the nature of the business. Even so, partners (both good and bad) have helped me learn a lot about business and myself.
Make sure you find someone who doesn’t take themselves too seriously. And you should give yourself a break as well – after all, its just business. Enjoy the ride.
How may people bought Sheets only to never buy a house? How many took a course, bought one rental and then decided it was not for them? How many have gone to the CREonline convention, got fired up, then never really got going? The answer as you already know is “most of them”. 80% as the rule says.
Why do you need these partners? Think hard, is there any other way? Think even harder. I would venture to say that whatever you say is the reason you need them, it would be easier to solve that problem than find a really good partner. Someone like you who is willing to pay the price. Put it down on paper, what do you need that partner for. Now word it differently as a problem to be solved, and take out the answer of “get a partner”. What other answers are there? Can’t be money as you are doing sub2 deals. Work it out, whatever it is. Ask here and it shall be answered. Do what you need to do. And buy those weakling partners out for pennies on the dollar! Financed of course! Make there leaving a blessing in disguise and use it as motivation for yourself. Forget bringing them up to speed. Too much work and probably impossible anyway.
I’d agree with Rob. If your partners aren’t on the same page as you and have lost some of the enthusiusm and vision then it’s probably time to get rid of the current partners. It will be very difficult to change a mind and will eventually sap your own energy.
Real simple. Don’t set your success goals based on other people. Having partners can be a good thing, if your partners have a strong vision and are highly motivated. But having partners is usually a bad thing from what I’ve seen.
If your partners don’t have the vision and motivation that you do, it may be time to split ways and move on. If you want is to get bigger, you can always hire help.