Preview Mode Links will not work in preview mode
  1. All Episodes
  2. Finding The Right Business Partner with Damian Lanfranchi, Ep 204

Finding The Right Business Partner with Damian Lanfranchi, Ep 204

Jul 15, 2021

Something magical happens when you get the right business partner. Plus getting it right can add a lot of zeros to your bank account and eliminate a ton of stress.

 

But getting that RIGHT person is not as easy as it sounds, because this topic isn’t discussed enough.

 

This week’s guest, Damian Lanfranchi, is Todd Brown’s business partner, and they’ve been business partners for over seven years. Tune in to hear what makes their partnership successful and profitable as well as long-standing; and how to find the right business partner for you.

Outline of This Episode

  • 4:29 The first try (and why it didn’t work)
  • 11:14 The glue that holds it all together
  • 18:58 How to tell whether you should have a business partner
  • 26:15 The visionary and the integrator
  • 31:14 Who’s who in the partnership?
  • 46:47 Successful implementation
  • 51:57 Don’t get “married” on day one

What holds it all together?

This might sound a little fluffy, but according to Damian, a business partnership cannot succeed without trust. Nobody’s perfect, and you may not always agree with your partner, but you’ve got to be able to trust them to do right by you and have your back. Damian and Todd have bumped heads during their partnership, but there was never any doubt they had each other’s backs.

Don’t fill the same roles as your partner

One top cause of conflicts between business partners is both of them trying to fulfill the same roles. It’s super awkward and inefficient, and leads straight to conflict. Clearly defining the roles and responsibilities of each partner eliminates a lot of head butting; and of one partner feeling like they’re doing all the work. Tune in for an example of how this aspect of a successful business partnership works in Damian and Todd’s case.

When NOT to bring on a partner

Sometimes people bring on a business partner because they don’t want to do it alone. “It’s more fun to get lost in the woods with a buddy than to get lost in the woods with yourself,” as Damian says on the episode. But basing your business partnership on insecurity or loneliness isn’t a healthy reason to work with a business partner. Tune in to hear more on this, plus other bad reasons to team up with a business partner.

Be strategic, not desperate

When Damian and Todd teamed up for their second crack at a business partnership--the one that succeeded--it was strategic. Both were running their own businesses, and found they each had a need for the other person’s gifts. The partnership was strategic, not desperate, and definitely not based on insecurity or loneliness. A business partnership that doesn’t make sense, strategically, is unlikely to go well.

Who’s the visionary and who’s the integrator?

Damian can function as both visionary and integrator. But since Todd is pure visionary, Damian serves as the integrator in their partnership. Todd sends him ideas, Damian helps bring them to life. The most successful partnerships operate like this, because it’s unlikely two pure visionaries (unless they have identical visions) or two pure integrators will do well in a partnership together. In the case of two visionaries, what if one wants to sell marketing funnels and the other wants to sell sweaters to cats? The company’s unlikely to get far in that situation. If you want a business partner, look at partnering with someone who’s your opposite in this area.

Resources & People Mentioned

Music for “Just The Tips” is titled, “Happy Happy Game Show” by Kevin MacLeod (http://incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License

Connect With James and Dean

James P. Friel:

Dean Holland:

JTT Facebook Page - https://www.facebook.com/justthetipsshow/

JTT Listeners Free Portal: www.JTTShow.com