How to Ditch a Crappy Business Partner

How to Ditch a Crappy Business Partner

4 min read
Engelo Rumora

Engelo Rumora is a real estate investor, your favorite Australian, and the Real Estate Dingo.

Experience
Engelo quit school at the age of 14 and played professional soccer at the age of 18. From there, he began to invest in real estate. He now owns real estate all over the world and has bought, renovated, and sold over 500 properties (at which point he stopped counting).

Engelo runs the most reputable turnkey real estate investment company in the country: Ohio Cashflow (ranked multiple times on the Inc. 5000). He is currently in the process of launching a real estate brokerage, “List’n Sell Realty,” that will disrupt the entire industry.

He is also known for giving houses away to people in need and his crazy videos on YouTube.

His mission in life is to be remembered as someone that gave it his all and gave it all away.

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Today we’re talking about how to get rid of crappy business partners and investors. Let’s get started.

I honestly think there is no one better to talk about this than me—because over the years, I’ve easily lost over $2 million working with the wrong people. From business partners to investors to employees, you name it—I really sucked at making decisions, and I guess I’m just not good at finding the right people to work with.

But, look, in terms of how you get rid of crappy business partners and investors: what I’m about to say is probably going to go against your entire being. Why? Because in such moments, you want to fight and argue. However, what I have always done—and it’s served me really well, because I’m still here and thriving—is just let it go.

So, for all of you in a partnership now, you may be going through turmoil. But you can’t have two cooks in the kitchen.

How to Get Rid of Crappy Business Partners

I strongly disagree with having two people run a company. I’m a big believer in having one person run the company with their vision, creativity, innovation, and capital. Then, I agree with having someone else working under them to help with executing on that vision. If you are the one running the company, then ultimately you are the one who is going to have the final say and do things the way you want to.

Of course, take all responsibility if things don’t work out the way they’re supposed to work out, too.

Related: How to Best Structure a Partnership for Investing in Rental Properties

Let It Go

Again, if you’re in a partnership with a lot of turmoil, let it go. That’s the first thing. Get out as quickly as you can.

That’s my best advice for you. Forget about the money. You can always make money, but you can’t get your time back. The thing that sucks about it is there is such a huge emotional drag on you that it’s taking away from all the amazing things you could be doing. I’m telling you, it is not worth arguing for $1,000 to $1 million dollars a year. Let them have it and disappear.

Start your own business. Start your own journey, and let it go. Don’t argue, don’t go to court, don’t speak to attorneys. No one wins in that instance. Just let it go, and be the better person.

Move on as quickly as you can, and learn from the mistakes that you’ve made. Start your own thing.

I promise you, I’ve let go of hundreds of thousands of dollars that were owed to me. I didn’t chase it or follow up on it. I didn’t want it. I let it go, and I moved on. And now, I’m free.

Honestly, you’re going to get such a burden off your back. You’re going to feel light, and everything is going to run the way it’s supposed to.

Set High Standards

Second, I think it’s important that you have very extreme qualifications in place before you even take on someone to do business with. This could be a good message for everyone out there—not just someone who does real estate but someone with other companies, too. I don’t think that you should compromise your beliefs and work with someone who you don’t feel is going to be an ideal customer.

You want someone who is going to complement your company’s core values and where you want to be long-term. Why I say this is because it’s not worth the profit. It’s not worth making the money on that particular person if you don’t align with them. Eventually, you will end up in heartache.

Related: 5 Tips I Wish I Knew Before Partnering on a Real Estate Deal

Once again, you’re going to get that emotional drag, and there’s going to be a toxic relationship. It’s going to take away from the amazing things that you could be doing. You don’t want to focus your energy on people who aren’t happy. Someone who is not happy from within is not going to be happy with themselves or anyone else.

There are people out there who you just can’t satisfy no matter what you do. So why work with them? Why sell to them?

They say the customer is always right, but that’s B.S. If you are a company that is providing a product and a service, and you’re confident in what you’re doing, then you’re right. People come to you because they want your help and guidance. So you should have guidance in place so you can prequalify for investors or any kind of customer, so you can truly help them.

When we started our first company, it took us a year and a half to sell our first property. We didn’t want to compromise our beliefs just to make a sale. Even though we were starving, I didn’t want to compromise.

So how do you get rid of crappy investors? Look, again, you just let it go. Wipe your hands clean and just move on. Do it diplomatically and professionally. Diffuse the situation, and dismiss the toxic people in your life.

It is such a drag. You do not want to work with such people. Trust me. You feel like you have the world on your shoulders, so just let them go. Don’t argue, be aggressive, or provoke.

So there you have it. I think I’ve nailed it. I think the most important thing to do is make sure that you don’t take on such people, but if you do, those were my tips on how to get rid of them.

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