4.6 • 1.3K Ratings
🗓️ 21 April 2025
⏱️ 25 minutes
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0:00.0 | All right. So let's talk about big entrepreneur lessons from partnership. So who you end up |
0:09.8 | choosing not only for marriage, but also in business is ultra important. And Neil and I have had our |
0:14.3 | handful of partnerships. And we're just talking about, you know, some situations that we're dealing |
0:19.3 | with that we're have dealt with. And so I think we'd share some stories here because you guys like the stories. |
0:24.0 | Yeah. |
0:24.2 | Eric and I have been partners together on a few different ventures over the years. |
0:29.4 | I remember one venture we were in someone stole even money from a corporate account of ours. |
0:35.4 | And the reason I bring up this one is in partnerships, no matter who your partner is, |
0:41.1 | how close they are, you should always have checks and balances within your bank accounts. |
0:45.2 | And the easiest thing to do is require multiple signatures for money to be spent. |
0:52.0 | Even then you can still have fraud. |
0:57.9 | You like a great example of this is in one of my entities. We have multiple signatures. Someone pulled out 900 grandish, I believe. And when you look at like |
1:05.8 | the 900 grand, that's a lot of money. It's not going to break or, you or you know hurt us we can pop in more money from |
1:12.3 | one of our other entities and just this was the international entity and just fund it with more cash |
1:18.0 | and then you just go through the normal legal routes and go after assets and freeze people's |
1:24.0 | assets you know follow criminal charges etc typically you recuperate, but just checks and balances. |
1:30.8 | And then what we've learned over the years is we try to get people, |
1:35.0 | at least on the money end, onto our banking system. |
1:39.5 | And then when you have multiple transactions, anything over a certain dollar |
1:44.0 | amount gets triggered to another person and you start having more things in place where it makes it harder for people to just ever take money from you. |
1:52.7 | You also, I mean, you need multiple signers, but also you need checks and balances in terms of approvers. |
1:58.2 | So you might need two approvers to let it go through. |
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