Nick is joined by JB Brown, an experienced entrepreneur and mergers and acquisitions advisor. They delve into the topic of partnerships within businesses and the challenges that can arise, particularly when preparing for an exit. They discuss the importance of understanding each partner's goals and motivations, as well as the need for a solid partnership agreement from the start.

JB shares personal experiences and insights, highlighting the significance of clear communication and trust in maintaining successful partnerships. They also touch on the role of private equity in resolving conflicts and creating win-win situations. 

KEY TAKEAWAYS

• It is crucial to have a solid partnership agreement or operating agreement in place from the beginning to avoid conflicts and misunderstandings.
• When dealing with partnership disagreements, it is important to seek first to understand each party's true goals and motivations.
• In situations where partners have different timelines or end goals, creative solutions such as buying out the partner or structuring payment over time can be explored.
• Due diligence on potential partners is essential to ensure alignment of business philosophies and values.
• Trust and open communication are vital in partnerships, and regular monitoring of financials and company operations can help prevent issues from escalating.

BEST MOMENTS

"It's always our fault. I believe in radical accountability." 

"The first thing I feel my responsibility is, is to seek first to understand what exactly each relevant party really wants." 

"It all starts with a really solid partnership agreement and/or operating agreement." 

"What saved me was when we were doing negotiations, we had also started a new brand."

VALUABLE RESOURCES

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JB Brown - www.whitebuffaloadvisors.com

Nick Bradley is a renowned entrepreneur, investor, speaker, and business growth expert.

His background is growing and scaling Venture Capital and Private Equity backed businesses globally. Over the last decade, he has completed 117 acquisitions and 25 business exits with a combined valuation of over $5bn dollars.

His mission is to help business founders build valuable businesses and create life-changing exits so they can realise freedom, wealth, and impact.

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