Q & A
Alfie, in our in our chat room, runs a theater company and live theater oppression like life peter sounds like it says um what if the strategic partner is keen to work with my company and feels that there is a mutual collaboration potential however they want to be willing to it invest money in the project at the beginning due to lack of trust, any advice on how to handle this situation, any tips and where they might go? We did ask for a little more follow up a healthy, but just with that base information, do you have any info for them? I wouldn't start a partnership where they need to invest money it's asking enough of people to invest resource or their expertise, including their time, but there actually is something I'll be talking about tomorrow about ah movie theater um bond bonds um and a twenty three percent increase in sales for both. So alfie, if you want to listen tomorrow, I'm trying to keep doing my thing and not say these things out of order sometimes it's there, but I also ...
believe there's a lot of way if you have a life theater, you have a great demographic um and you have times when they're pausing as they're waiting to go in and you have times when they're looking around, so you are very attractive partner just by the nature of having all those assets so you want to look for it if he if he or she hasn't asked the question yet of the theater goers, which were two or three other businesses you like nearby you go before after others I think he's got a chance or she leverage a whole lot of opportunity a lot of people would just dive into having that opportunity. L c also asked conversely, often when they go to meetings for partnerships there requested for financial backing like their partnership, they request them to invest in them and they were just asking, you know, any advice on how to handle that situation without just thing? Absolutely know how they can turn it into a partnership without the financial investment? Well, that goes back that are being upset about people excel z I believe nonprofits notorious for begging and I believe god makes co equal partners, we always have something bring to the table. And so one of the things we're practically to say is let's see if we're trying to serve this mutual market I really believe in your cause and I want some believe in your commitment to us that there's this about mutuality so let's first talk about some things we're bringing our resource is together and sat leverages value and I think that's fair to ask for first of all, um because if it is a funny thing too, if they asked for money that's what they may be most looking for and the commitment may not be exactly what you want and e think asking for money either party asking for money that's how you distinguish between a sales transaction and a partnership and in a partnership or donation transactions since or donation yeah, so I think that that just a little bit out of context and he says my experience of partnerships versus sales I actually agree with you it's not that we might not spend money down the line, but we'll talk about it is and we both may be spending money as well as other resource is but that's certainly not the way I want to get to know you in fact, I'm really thankful they not that they say I'm really thankful that you've asked for money in this first time because it shows that our approach may be different partnerships that doesn't make friends but that's my underlying feeling about it. Yeah, um when I created that event with the high end vintage beauty, we agreed together ahead of time how much we wanted to charge people to come to the event or you charge yeah and then a very small amount just to get people to commit yes, and then we kind of guesstimating how many people we thought would come sweet figured if that was just like two hundred let's, say a three hundred dollars, income from those tickets, then we decided that we would each contribute about fifty dollars, of it her to food and beverages and me do the marketing booklet that would include both of our names in it. So we agreed ahead of time what our commitment wass it was equal, and then we both agreed tio create an invitation together, but we had each send it out on our separate email lists, so it kind of speaks to a lot of things that and saying about like, being really clear about what you're parties social contract, yeah, and it's not making it a sale. This is a partnership and here's what we can both bring to it it's really hardly any money, but what came out of it was richer than those dollars and cents that we spent, I think because you're so clear and because the idea was so innovative and how you structured it, you two probably established trust nearly quickly that wouldn't be to force all in all situations. And so fifty does seem like a very small amount for the leverage, and you've also seen a successful result the scale um darn there's one thing you said in that, um the idea each sending out the jointly designed invitation to separate lists is something I meant to bring up earlier thank you because it's much safer down the line you may have a third party service that manages both your lists and have that done but not starting with it that's a great idea is there any question of comment other than that we do have some comments? Absolutely now dead career is asking about what happens when you've already created your partnership but how do you suggest that you illegally are protecting yourself from the partner does not perform well on the client decides to take legal action against enemies is going quite heavy, but they are dating and they've, you know explained some other details about their background they are in real estate etcetera, but they are what they are in real estate, but how do you protect yourself from perhaps the partnership? There was an unwise thing to do um, there isn't a real protection that I found that doesn't prevent someone from doing a frivolous lawsuit, but one of the benefits of doing these there's you can't really prove financial loss you find me approving lost up opportunity and unless one of you really hits some does some physical problem to property or two person, I think that there wouldn't be a cause you would have wasted your time, your resource is I think when you get in a more complex things, I believe in legal agreements um and they don't cost that much to do when you're very clear and specific about it uh and they actually some farm agreements that we can talk about tomorrow as well that's a good question to bring up for those and realtors by the way are a potential partner for many of you done the right way because they're still going to so many events off all kinds some of them could be partners for one of your niche markets I'll put it that way I'm not sure I'm going to be able to explain this absolutely correctly so I apologize to career but they're also then the follow up question is how does carry suggest creating value for a second business in the same niche for a second wait a second business on the same niche while combating the desire of the businesses to want to be the only partnership we has another was they've reached this difficult impasse with the partner they chose there now in a legal situation with them but they will still want to remain in that niche how do they go about finding a new partner while if you like the old partner's still legally chasing them if the old parts of this multi chasing them I understand then if they feel they're in a good pace and did nothing wrong then that old partner could look bad presumably you've got your reputation that's all you've ever felt oh my god I would quickly try to find another partner and do something different or the same thing and have a different outcome it's been one of the sweetest revenge is a world of life and doing that quickly if someone else saying I don't want to talk about the actions that went that caused ist not toe work um I would like to tell you I'd like to do this and I feel good about it and find another partner to someone who already knows them do the same thing I think is one of the best defenses are offensive yeah now we are actually getting close towards the end of the march first date time has always weakness but we are going to come to star students in a moment so I just want to give them a little bit time to think about this to think about what you want are hard moment is being for today what has been the big revelation from every that curry shared with us today and we'll come back to me just a second so just think about that while devious a couple more questions yeah, we do we have a question from you as she asked him she says that she's moving to another state and she's doing a lot of research to identify partners before she moves so that you know she knows what what she's getting into and so she can know a partner as soon as she gets there, no, a variety of potential partners rather to clarify. She wanted to know how to identify which partners would be the best ones to meet with. So that she's not casting such a broad nets that when she gets to the estate, she only has a few meetings, and she's really whittled it down to the ones that she thinks. Well, it's, too. Whether you move or not, you've got to be clear about what your market is and who else is in that market there's another way and you can do it by seen what other companies air serving that market in a way, where else do they go on? What are they doing? Right? Uh, I don't think it's any different moving. You just probably got to be more active in organizations that attracts some of your peers so you can watch them in action. It's not necessarily a one to one truth, am I right that the president of an association of your peers is necessary? The best example, but it's sometimes true to notice. Who's active, an organization that seems functioning and well run that syrian. Ah, and you see the way they lead a committee or so on, I like to go slow to go fast, like to be a part of organizations I respect and serve in a capacity and just keep my mouth shut and watch for a while, but doing in my best work that I know how to do, I also think it's great to see that what the media will cover zain itch, who they talk about, and what and that I want to warn people that if I authentically think someone's doing something well, I only got on twitter because someone said, you want someone to grab your name? It's probably happened to you now I ignored it and I thought, oh, you have lists so I created list for the things that most matter to me, my topics, but why that's so cool in the morning? I can go check I'm saying this for an end point. Wow, the's air really impressive people, summum are these? No, I just just talking about themselves. So I re tweet something, and I was one of those people that would never believe that I would have met people. I really admire a lot because I just retweeted or comment on their stuff, and they come in mind. This sent me an email and that's how we started and it wasn't necessary of a partnership, I wantto learn from them, so I can't stress to strongly how helpful it is to find people whose work is extraordinary serving your people and they show up if you're looking at your market, you already know a lot. And so it's a really a matter of whether you got something that you think is mutually beneficial. It's not that hard to find really reputable people. It's it's takes a while enough their reputation or how they taught themselves how they act and watching them act in a committee or an event is one visible way to do it. But the working committee is have you any of you found that to be helpful and a working committee was someone to see how they act when we're supposed to be working together? Do they never say anything? Do they not attend? Do they sort of take over? How good of their ideas when they characterize their customers is a given examples so there's a wealth of stuff that I think really helps us along that line. Castaic and we also been asking online audience about their biggest takeaway has been from today we got a great comment from jesse l jesse saying the bigger heartache away ask others about their organizations, distill where they may be, where there may be synergy and just under take bold action, do something, modify and refine as they go along thank you for jesse very much that's great, great advice, more pity than me. We'll come back to curry in just a second to give her full final thoughts for closing on day one and I want to give us some river let's hear from our studio audience because they all came today with different things different goals if they were looking to get so angela what's being your big takeaway from this state specificity there's so much takeaway from today and I thank you and thank all of you for helping with it and everyone online but I think the I would say specificity sometimes I could go on and on so I just be concise and think of something specific that would be really helpful thank you, thank you very much and betsy, please I would say I'm the go slow to go fast to really just take your time and do the small steps with someone to see if they actually have follow through was really big for me because I know that I rushed into things and I'm like why did I do this? So thank you I have done the same thing think thank you very much betty here welcome tested towered any thoughts from today? Ojai feels I feel swimming I check back with me okay? We'll check back in the morning that something okay I would say it's kind of three full specificity for sure actionable going into these meetings with ideas in hand and you know, really setting a course for yourself, because setting one idea can lead to something that will accomplish in the end. And I came over the third. I'm swimming fairly. Yeah, just you're just trying to do the thing about polina, since so we finish it off. Thank you very much.