Ep 67 - Should You Get a Partner For Your STR Business?
b'HOST\'S BIO\\nMike 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. \\nEmanuele 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.\\n\\nHIGHLIGHTS OF THE EPISODE\\n08:47 Building partnership\\n09:54 Breaking down business partnerships\\n10:33 Mike talks about partnering with E for a business\\n11:33 E talks about his failed partnerships\\n13:29 Why the 50:50 partnership does not work\\n14:28 Having the uncomfortable conversation\\n15:06 Mike talks about his first partnership and his current partnership\\n17:26 Why some partnerships fail\\n18:20 How to avoid unpleasant situations\\n18:27 Personality assessment\\n18:41 What is an effective partnership\\n20:08 Understanding the "why"\' and the vision\\n22:07 E shares the effect of bringing his wife to his business\\n23:14 Mike shares his experience about partnering up with his wife\\n25:21 Correcting the process, not the person\\n26:03 Having accountability\\n27:37 Letting it go and trusting your partner\\n28:49 Questions to ask yourself before jumping into a business partnership\\n29:58 What makes a good partnership\\n31:58 Hiring an attorney for your operating agreement\\n32:54 Being honest with yourself about having a business partner\\n35:36 Moral of the story\\n\\nNOTABLE QUOTES\\n"A 50:50 partnership is a 0:0 partnership because there is no leader." - Emanuele Pani\\n"Get the right butts in the right seats on the bus." - Mike Sjogren\\n"If you love what you do, you are never working." - Emanuele Pani\\n"Correct the process, not the person." - Mike Sjogren\\n"Don\'t act out of fear." - Emanuele Pani\\n"A partnership is not the answer to get you started." - Emanuele Pani\\n\\nCONNECT WITH THE HOSTS\\n\\nMichael Sjogren: Short Term Rental Secrets Facebook Group | Clubhouse | Instagram | Youtube | Facebook Page | Linkedin\\n\\nhttps://linktr.ee/the_airbnbguy\\n\\nEmanuele Pani: Clubhouse | Instagram | Facebook | Linkedin\\n\\nFREE MASTERCLASS TRAINING - https://www.strsecrets.com/masterclass\\n\\nLearn more about your ad choices. Visit megaphone.fm/adchoices'