(Source: Wealth Hacker)5433 views 211 likes 11 dislikes
Channel: Wealth Hacker – Jeff Rose
$6,767 – that is how much I was taken for – how much I was scammed for.
As a business owner you don’t want to be taken advantage of – sometimes you just don’t see it – that is what happened to me.
In this situation, I didn’t trust my gut. What’s worse is that I didn’t trust my wife’s gut when it came to this partnership. 🚩🚩
So what is this partnership? I have a ‘friend’ that I went to school with that approached me about a partnership with my financial practice – it seemed like a perfect fit.
I have a process that I go through before I get into any partnerships or joint ventures – during this process I wrote down my biggest concern. I avoided this concern and went ahead with this partnership because it seemed like a really good fit.
I invested $2,500 in this partnership with the agreement that as revenue came in, this investment would be paid back.
After about 2 years he disappeared – stopped responding to communications, etc. 😠
Then I started getting bills. Bills from the accountant, filing for LLC’s, etc. Then I got a letter in the mail from Kroger (grocery store) that was showing a bounced check from the business account. 💩
Apparently my former partner, wrote himself a payroll check (after the business had been dissolved). With a little more digging around I found there was at lease one other check out there. 😠
I’ve taken all the necessary steps to put a stop to this. 👮
So the 4 biggest lessons I learned from this that may help you:
➡️ 1. Do not ignore the impact wealth action filter. – My worksheet I complete before doing any partnerships.
➡️ 2. Just weighing the potential gains vs. the potential losses. – If I had paid more attention to this, I may not have partnered in this case.
➡️ 3. You can’t outsource a partnership. – I love outsourcing, but you can’t do that in a partnership.
➡️ 4. If you got a spouse, listen to your spouse. They have an intuition that you may not have.
Have you ever gotten your self in a situation like this – where you don’t know how you ended up there?
What have you learned from it?
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Video length: 17:08