making business partnerships work


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.


Key Highlights:

[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.


Resources Mentioned:


Key Quotes:


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