Ep 67 - Should You Get a Partner For Your STR Business?

Sep 13, 2021

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HOST'S BIO
Mike Sjogren is a short-term rental expert and coach. He has a portfolio of STR properties across 5 states as well as an oceanfront boutique hotel. Mike brings a wealth of finance, business, and real estate experience. He is passionate about helping others create financial independence through real estate so they can pursue their passions and leave their mark on the world.
Emanuele Pani is a Commercial and Residential Real Estate Consultant at Signature International Real Estate. Has a degree in accounting and finance. Started his real estate journey working as maintenance until the owner decided to sell the 40 unit apartment building to Emanuele.

HIGHLIGHTS OF THE EPISODE
08:47 Building partnership
09:54 Breaking down business partnerships
10:33 Mike talks about partnering with E for a business
11:33 E talks about his failed partnerships
13:29 Why the 50:50 partnership does not work
14:28 Having the uncomfortable conversation
15:06 Mike talks about his first partnership and his current partnership
17:26 Why some partnerships fail
18:20 How to avoid unpleasant situations
18:27 Personality assessment
18:41 What is an effective partnership
20:08 Understanding the "why"' and the vision
22:07 E shares the effect of bringing his wife to his business
23:14 Mike shares his experience about partnering up with his wife
25:21 Correcting the process, not the person
26:03 Having accountability
27:37 Letting it go and trusting your partner
28:49 Questions to ask yourself before jumping into a business partnership
29:58 What makes a good partnership
31:58 Hiring an attorney for your operating agreement
32:54 Being honest with yourself about having a business partner
35:36 Moral of the story

NOTABLE QUOTES
"A 50:50 partnership is a 0:0 partnership because there is no leader." - Emanuele Pani
"Get the right butts in the right seats on the bus." - Mike Sjogren
"If you love what you do, you are never working." - Emanuele Pani
"Correct the process, not the person." - Mike Sjogren
"Don't act out of fear." - Emanuele Pani
"A partnership is not the answer to get you started." - Emanuele Pani

CONNECT WITH THE HOSTS

https://linktr.ee/the_airbnbguy

Emanuele Pani: Clubhouse | Instagram | Facebook | Linkedin

FREE MASTERCLASS TRAINING - https://www.strsecrets.com/masterclass

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