My Worst Investment Ever Podcast Tara LaFon Gooch – Vet Your Business Partners
BIO: Tara LaFon Gooch is a 2X business founder and entrepreneur. Before entrepreneurship, she was a corporate sales director who got burnt out on corporate life and wanted to explore more possibilities.
STORY: Tara started a business with a partner who didn’t align well with its goals. This saw her do all the work, and she had to quit after realizing this wasn’t a partnership anymore.
LEARNING: Vet your partners well before getting into a partnership with them. Listen to your gut.
“Your business partner can dictate the progression, the strategy, the flow, and ultimately the success of anything you do.”
Tara LaFon Gooch
Guest profile
Tara LaFon Gooch is a 2X business founder and entrepreneur. Prior to entrepreneurship, she was a corporate sales director who got burnt out on corporate life and wanted to explore more possibilities.
Her background afforded her the ability to view problems from more than one angle, to be creative, and to apply out-of-the-box thinking.
Through her business, Best Branding Solutions, she helps executives and businesses improve their personal brand. Their improved digital footprint helps them be seen as visionaries in their field.
Tara offers 60-minute 1:1 business consulting or LinkedIn strategy calls.
Worst investment ever
Earlier this year, Tara had a business partner with this fantastic business idea. The customer base was there. Tara was excited to get started and had lots of energy. This was a new industry that she’d never been in, but she was not intimidated.
The two formed a 50/50 partnership. Tara’s title was Executive Vice President. The two took it from an idea to a national-level business in just seven months. The company was in home advertising, and they had a truck fleet that went nationally and was absorbed into every state in the United States within seven months.
Though the business was growing, Tara realized she was doing all the work. Her business partner was hardly involved and didn’t seem to align with the business’s goals. Eventually, Tara was tired of doing everything, so she quit the partnership.
Lessons learned
- In a partnership, both partners must be aligned with the business’s goal; otherwise, it will fail.
- Vet your partners and do thorough research before you make an investment.
- Listen to what your gut is saying instead of what other people say.
- There’s no secret sauce to success. Success comes from where you put your energy.
Andrew’s takeaways
- Move beyond the excitement of a new opportunity and do your due diligence.
- Pay attention to your intuition to avoid making big mistakes.
Actionable advice
Don’t rely on somebody else to give you success. Success comes from within. Take action steps every single day, and you’ll succeed.
Tara’s recommended resources
If you think success and wealth are not for you, Tara recommends reading The Science of Getting Rich to learn how to have the success and wealth you deserve.
No.1 goal for the next 12 months
Tara’s goal for the next 12 months is to achieve 100% financial freedom and independence.
Parting words
“Follow your gut and know that you have the power within you already. But take action and take it today. Tomorrow is not promised to anyone.”
Tara LaFon Gooch
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Connect with Tara LaFon Gooch
Andrew’s books
- How to Start Building Your Wealth Investing in the Stock Market
- My Worst Investment Ever
- 9 Valuation Mistakes and How to Avoid Them
- Transform Your Business with Dr.Deming’s 14 Points
Andrew’s online programs
- Valuation Master Class
- The Become a Better Investor Community
- How to Start Building Your Wealth Investing in the Stock Market
- Finance Made Ridiculously Simple
- FVMR Investing: Quantamental Investing Across the World
- Become a Great Presenter and Increase Your Influence
- Transform Your Business with Dr. Deming’s 14 Points
- Achieve Your Goals