Tom Wang's video: How To Find The Right Business Partner

JOIN MY FBA MASTERCLASS - https://masterfba.com/video In this video, I answer some of the frequently asked questions that my students have sent about how to find the right business partner and how to work with them for any business that you're in. The most important thing about a business partnership is that everybody needs to know each other's responsibilities and strengths. How can you complement each other's skill sets? Who is the visionary, and who is the operator? You can mitigate a lot of potential issues when putting together your shareholder agreements, from managing expectations, aligning each partner's duties and responsibilities, and how to navigate the personal aspects of your relationship when business has to come first. Business partnerships can be good, great, bad and ugly. Watch the whole video to learn all of the lessons I've learned from having them. Timestamps: 1:30 How to mediate with a 50/50 partner if you can't agree on something 1:56 What the CEO of Slack did 3:45 How Tom would resolve the issue 4:30 How to choose a great business partner for your business 6:35 Why you should have complementary skill sets 8:51 How Tom's FBA business partnership works 10:19 How to divide work responsibilities 11:38 When to start outsourcing to Virtual Assistants 13:04 Hiring actual employees 15:40 Discussing performance and financial expectations with your partners 17:53 How to open an Amazon account with your partners 18:43 Shareholder Agreements and Non-Competes 20:09 The best time to get a business partner 22:18 How to structure the division of tasks and accountability 22:33 Friends, family and spouses as business partners --- Who is Tom Wang? Hi I’m Tom Wang. Just a few years ago, I was a pretty normal guy who worked at a sales job. But I felt stuck. I’m from a Chinese immigrant family, so taking care of my parents financially was always a big important motivator for me. The problem is I knew I wouldn’t make enough at any job to do this. So I looked to start an online business. After 10 months of starting on Amazon, I was ready to throw in the towel. I sat my girlfriend down to let her know I was going to quit - like I did with so many of my other side hustles. But she didn’t let me. She reminded me - just one successful product on Amazon would change our lives - and she was right. We launched our 3rd product that’s the one that finally took off. Since then I’ve made over $6M+ in sales, I’ve traveled the world and I live my dream life. The purpose of this channel is to document my journey, and to help the people who were like me back in the day. I talk about Amazon strategies. Tips on being an entrepreneur. Life hacks I find out about. And more. Wherever you are on your journey, I hope to help you move closer to your dreams and to help those you care about too. 🔔 SUBSCRIBE 👉 http://bit.ly/YouTubeTomWang 👈 FOLLOW ME ON INSTAGRAM https://www.instagram.com/tomdotcom.ig Email: hello@tomwang.io Podcast: https://www.tomwang.io/podcast How To Find The Right Business Partner https://youtu.be/mNKvMxuVTSg https://youtu.be/mNKvMxuVTSg