loader from loading.io

Finding The Right Business Partner with Damian Lanfranchi, Ep 204

Just The Tips, with James P. Friel and Dean Holland

Release Date: 07/15/2021

Finding The Right Business Partner with Damian Lanfranchi, Ep 204 show art Finding The Right Business Partner with Damian Lanfranchi, Ep 204

Just The Tips, with James P. Friel and Dean Holland

This week’s guest, Damian Lanfranchi, is Todd Brown’s business partner, and they’ve been business partners for over seven years. Tune in to hear what makes their partnership successful and profitable as well as long-standing; and how to find the right business partner for you.

info_outline Signs You’re Ready To Scale, Ep 203 show art Signs You’re Ready To Scale, Ep 203

Just The Tips, with James P. Friel and Dean Holland

It’s not just about whether your business is growing and successful. It’s also about whether your business has all the pieces in place to scale without collapsing. 

info_outline The Hustle Detox, Ep 202 show art The Hustle Detox, Ep 202

Just The Tips, with James P. Friel and Dean Holland

Freedom, time, and the ability to make more money are the top three reasons most entrepreneurs will give as their reasons for becoming entrepreneurs.

info_outline Master the Art of Persuasion with Kenrick Cleveland, Ep 201 show art Master the Art of Persuasion with Kenrick Cleveland, Ep 201

Just The Tips, with James P. Friel and Dean Holland

In this episode, persuasion master Kenrick Cleveland joins James and Dean to reveal his secrets to persuading people in a way that feels good to them--and to you--instead of resorting to outdated tactics like problem-agitate-solution and grinding away at pain points.

info_outline Our 200th Anniversary - Biggest Tips & Lessons Learned, Ep 200 show art Our 200th Anniversary - Biggest Tips & Lessons Learned, Ep 200

Just The Tips, with James P. Friel and Dean Holland

Tune into this 200th anniversary episode for the guys’ favorite tips, lessons, and insights from the past 200 episodes (along with plenty of jokes at each other’s expense...because it wouldn’t be a Just The Tips episode without them!)

info_outline How to Scale Your Company Fast, with Brandon & Kaelin Poulin (Replay), Ep 199 show art How to Scale Your Company Fast, with Brandon & Kaelin Poulin (Replay), Ep 199

Just The Tips, with James P. Friel and Dean Holland

Don’t miss this in-depth, behind-the-scenes look at what it takes to grow and scale a successful company like LadyBoss, which helps women lose weight, transform their health, and love themselves and was named number 4 on the Inc. 5000 list of the fastest-growing privately-held companies in the United States in 2019, in a few years instead of a few decades.

info_outline How To Sell Your Business For A Huge Profit with (Michelle Seiler Tucker), Ep 198 show art How To Sell Your Business For A Huge Profit with (Michelle Seiler Tucker), Ep 198

Just The Tips, with James P. Friel and Dean Holland

Tune in to hear exactly how to make your business sellable, including why a sellable business is your best bet even if you have zero intention of selling it.

info_outline Best of Marketing: Vol. 1, Ep 197 show art Best of Marketing: Vol. 1, Ep 197

Just The Tips, with James P. Friel and Dean Holland

In its nearly 200-episode (and counting) run, Just The Tips has welcomed several of the top marketing minds on the planet to share their best business-building marketing tips. In this week’s episode, James and Dean have gathered the best of the best of these marketing tips from recent episodes.

info_outline Creating The Perfect Sales Pitch Part 2, Ep 196 show art Creating The Perfect Sales Pitch Part 2, Ep 196

Just The Tips, with James P. Friel and Dean Holland

In this week’s episode the guys up where they left off, sharing their proven process to crafting a sales pitch your ideal buyer can’t resist, including: What to say first when you get on the phone with them, how to handle the conversation (and how NOT to), and how to ensure they never see you as “just trying to sell them something.”

info_outline Mindset - An Entrepreneur’s Source of Power, Ep 195 show art Mindset - An Entrepreneur’s Source of Power, Ep 195

Just The Tips, with James P. Friel and Dean Holland

How far up the success ladder you climb is determined by your mindset. Mindset is something everyone agrees is important, yet it has a way of tumbling down the list of priorities.

info_outline
 
More Episodes

Something magical happens when you get the right business partner. Plus getting it right can add a lot of zeros to your bank account and eliminate a ton of stress.

 

But getting that RIGHT person is not as easy as it sounds, because this topic isn’t discussed enough.

 

This week’s guest, Damian Lanfranchi, is Todd Brown’s business partner, and they’ve been business partners for over seven years. Tune in to hear what makes their partnership successful and profitable as well as long-standing; and how to find the right business partner for you.

Outline of This Episode

  • 4:29 The first try (and why it didn’t work)
  • 11:14 The glue that holds it all together
  • 18:58 How to tell whether you should have a business partner
  • 26:15 The visionary and the integrator
  • 31:14 Who’s who in the partnership?
  • 46:47 Successful implementation
  • 51:57 Don’t get “married” on day one

What holds it all together?

This might sound a little fluffy, but according to Damian, a business partnership cannot succeed without trust. Nobody’s perfect, and you may not always agree with your partner, but you’ve got to be able to trust them to do right by you and have your back. Damian and Todd have bumped heads during their partnership, but there was never any doubt they had each other’s backs.

Don’t fill the same roles as your partner

One top cause of conflicts between business partners is both of them trying to fulfill the same roles. It’s super awkward and inefficient, and leads straight to conflict. Clearly defining the roles and responsibilities of each partner eliminates a lot of head butting; and of one partner feeling like they’re doing all the work. Tune in for an example of how this aspect of a successful business partnership works in Damian and Todd’s case.

When NOT to bring on a partner

Sometimes people bring on a business partner because they don’t want to do it alone. “It’s more fun to get lost in the woods with a buddy than to get lost in the woods with yourself,” as Damian says on the episode. But basing your business partnership on insecurity or loneliness isn’t a healthy reason to work with a business partner. Tune in to hear more on this, plus other bad reasons to team up with a business partner.

Be strategic, not desperate

When Damian and Todd teamed up for their second crack at a business partnership--the one that succeeded--it was strategic. Both were running their own businesses, and found they each had a need for the other person’s gifts. The partnership was strategic, not desperate, and definitely not based on insecurity or loneliness. A business partnership that doesn’t make sense, strategically, is unlikely to go well.

Who’s the visionary and who’s the integrator?

Damian can function as both visionary and integrator. But since Todd is pure visionary, Damian serves as the integrator in their partnership. Todd sends him ideas, Damian helps bring them to life. The most successful partnerships operate like this, because it’s unlikely two pure visionaries (unless they have identical visions) or two pure integrators will do well in a partnership together. In the case of two visionaries, what if one wants to sell marketing funnels and the other wants to sell sweaters to cats? The company’s unlikely to get far in that situation. If you want a business partner, look at partnering with someone who’s your opposite in this area.

Resources & People Mentioned

Music for “Just The Tips” is titled, “Happy Happy Game Show” by Kevin MacLeod (http://incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License

Connect With James and Dean

James P. Friel:

Dean Holland:

JTT Facebook Page - https://www.facebook.com/justthetipsshow/

JTT Listeners Free Portal: www.JTTShow.com