Tips for Making a Business Partnership Work with Tim Winfrey – Episode #386
My guest today is Tim Winfrey, and we are going to dive into tips for making a business partnership work. Becoming and staying successful business partners is no easy task, but he has successfully navigated this process.
Tim co-hosts the Freedom Chasers Podcast and that’s how we met. He is also a real estate broker, marketer, and BPO expert. Tim has completed over 100 fix and flip projects and has managed the repairs of an additional 50+ REO homes. He currently manages a team of 5 agents as the Broker/Owner of 1st Class Real Estate Great Lakes.
[00:01 – 07:42] Opening Segment
- Tim shares his background and entrepreneurial journey
- A real estate broker, marketer, and BPO expert
- It is crucial to have a partnership agreement in place before starting a business together
[07:43 – 14:29] Keeping a Business Partnership on Track
- What's the most important aspect of partnerships
- How Tim and Matt use their strengths and weaknesses to create a successful product
- Communication between partners is essential to keeping everyone on track
[14:30 – 21:47] How to Avoid Partnership Failures
- Partnership failures are often due to disagreements, miscommunication, and not knowing each other well enough
- The great advantages of doing a podcast
- Marketing as an investor vs marketing as a realtor
[21:48 – 29:39] Closing Segment
- Why wholesaling is a preferred way to get retail leads for realtors
- Define the problem defining and then provide a tailor-made solution
- Keeping the agency relationship defined and in writing is key to avoiding confusion with the seller
Connect with Tim on Facebook, or call his business line at (630) 273-7363.
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