{"id":126698,"date":"2020-06-14T15:00:54","date_gmt":"2020-06-14T21:00:54","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=126698"},"modified":"2021-03-16T15:01:05","modified_gmt":"2021-03-16T21:01:05","slug":"how-to-get-rid-of-crappy-business-partners-and-investors","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/how-to-get-rid-of-crappy-business-partners-and-investors","title":{"rendered":"How to Ditch a Crappy Business Partner"},"content":{"rendered":"<p>Today we\u2019re talking about how to get rid of crappy business partners and investors. Let\u2019s get started.<\/p>\n<p>I honestly think there is no one better to talk about this than me\u2014because over the years, I\u2019ve easily lost over $2 million working with the wrong people. From business partners to investors to employees, you name it\u2014I really sucked at making decisions, and I guess I\u2019m just not good at finding the right people to work with.<\/p>\n<p>But, look, in terms of how you get rid of crappy business partners and investors: what I\u2019m 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\u2014and it\u2019s served me really well, because I\u2019m still here and thriving\u2014is just let it go.<\/p>\n<p>So, for all of you in a partnership now, you may be going through turmoil. But you can\u2019t have two cooks in the kitchen.<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/8UCJdFygi-s\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h2>How to Get Rid of Crappy Business Partners<\/h2>\n<p>I strongly disagree with having two people run a company. I\u2019m 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.<\/p>\n<p>Of course, take all responsibility if things don\u2019t work out the way they\u2019re supposed to work out, too.<\/p>\n<p><strong><em>Related: <\/em><\/strong><em><a href=\"https:\/\/www.biggerpockets.com\/blog\/2015-12-03-structuring-partnership-rental-properties\" target=\"_blank\" rel=\"noopener noreferrer\">How to Best Structure a Partnership for Investing in Rental Properties<\/a><\/em><\/p>\n<h3>Let It Go<\/h3>\n<p>Again, if you\u2019re in a partnership with a lot of turmoil, let it go. That\u2019s the first thing. Get out as quickly as you can.<\/p>\n<p>That\u2019s my best advice for you. Forget about the money. You can always make money, but you can\u2019t get your time back. The thing that sucks about it is there is such a huge emotional drag on you that it\u2019s taking away from all the amazing things you could be doing. I\u2019m telling you, it is not worth arguing for $1,000 to $1 million dollars a year. Let them have it and disappear.<\/p>\n<p>Start your own business. Start your own journey, and let it go. Don\u2019t argue, don\u2019t go to court, don\u2019t speak to attorneys. No one wins in that instance. Just let it go, and be the better person.<\/p>\n<p>Move on as quickly as you can, and learn from the mistakes that you\u2019ve made. Start your own thing.<\/p>\n<p>I promise you, I\u2019ve let go of hundreds of thousands of dollars that were owed to me. I didn\u2019t chase it or follow up on it. I didn\u2019t want it. I let it go, and I moved on. And now, I\u2019m free.<\/p>\n<p>Honestly, you\u2019re going to get such a burden off your back. You\u2019re going to feel light, and everything is going to run the way it\u2019s supposed to.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-114355 size-main-slider\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/08\/freedom-handcuffs-hands-247851-702x336.jpg\" alt=\"\" width=\"702\" height=\"336\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/08\/freedom-handcuffs-hands-247851-702x336.jpg 702w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/08\/freedom-handcuffs-hands-247851-1078x516.jpg 1078w\" sizes=\"auto, (max-width: 702px) 100vw, 702px\" \/><\/p>\n<h3>Set High Standards<\/h3>\n<p>Second, I think it\u2019s 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\u2014not just someone who does real estate but someone with other companies, too. I don\u2019t think that you should compromise your beliefs and work with someone who you don\u2019t feel is going to be an ideal customer.<\/p>\n<p>You want someone who is going to complement your company\u2019s core values and where you want to be long-term. Why I say this is because it\u2019s not worth the profit. It\u2019s not worth making the money on that particular person if you don\u2019t align with them. Eventually, you will end up in heartache.<\/p>\n<p><strong><em>Related: <\/em><\/strong><em><a href=\"https:\/\/www.biggerpockets.com\/blog\/5-knew-partnering-real-estate-investor\" target=\"_blank\" rel=\"noopener noreferrer\">5 Tips I Wish I Knew Before Partnering on a Real Estate Deal<\/a><\/em><\/p>\n<p>Once again, you\u2019re going to get that emotional drag, and there\u2019s going to be a toxic relationship. It\u2019s going to take away from the amazing things that you could be doing. You don\u2019t want to focus your energy on people who aren\u2019t happy. Someone who is not happy from within is not going to be happy with themselves or anyone else.<\/p>\n<p>There are people out there who you just can\u2019t satisfy no matter what you do. So why work with them? Why sell to them?<\/p>\n<p>They say the customer is always right, but that\u2019s B.S. If you are a company that is providing a product and a service, and you\u2019re confident in what you\u2019re doing, then you\u2019re 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.<\/p>\n<p>When we started our first company, it took us a year and a half to sell our first property. We didn\u2019t want to compromise our beliefs just to make a sale. Even though we were starving, I didn\u2019t want to compromise.<\/p>\n<p>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.<\/p>\n<p>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\u2019t argue, be aggressive, or provoke.<\/p>\n<p>So there you have it. I think I\u2019ve nailed it. I think the most important thing to do is make sure that you don\u2019t take on such people, but if you do, those were my tips on how to get rid of them.<\/p>\n<p><a href=\"https:\/\/www.youtube.com\/biggerpockets\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-114268\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/08\/6.jpg\" alt=\"ad-youtube-channel\" width=\"706\" height=\"125\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/08\/6.jpg 706w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/08\/6-300x53.jpg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/08\/6-702x125.jpg 702w\" sizes=\"auto, (max-width: 706px) 100vw, 706px\" \/><\/a><\/p>\n<p><em>Questions? Comments?<\/em><\/p>\n<p><strong>Share below.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Over the years, I\u2019ve easily lost over $2 million working with the wrong people. So, for all of you in a partnership now, if it\u2019s a toxic relationship, you may be going through turmoil. But you can\u2019t have two cooks in the kitchen. Here&#8217;s how to remedy the situation. <\/p>\n","protected":false},"author":1672,"featured_media":113872,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4241],"tags":[],"class_list":["post-126698","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-business-management"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/126698","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/1672"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=126698"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/126698\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/113872"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=126698"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=126698"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=126698"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}