Ep 67 - Should You Get a Partner For Your STR Business?

HOST'S BIO Mike 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. Emanuele 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. HIGHLIGHTS OF THE EPISODE 08:47 Building partnership 09:54 Breaking down business partnerships 10:33 Mike talks about partnering with E for a business 11:33 E talks about his failed partnerships 13:29 Why the 50:50 partnership does not work 14:28 Having the uncomfortable conversation 15:06 Mike talks about his first partnership and his current partnership 17:26 Why some partnerships fail 18:20 How to avoid unpleasant situations 18:27 Personality assessment 18:41 What is an effective partnership 20:08 Understanding the "why"' and the vision 22:07 E shares the effect of bringing his wife to his business 23:14 Mike shares his experience about partnering up with his wife 25:21 Correcting the process, not the person 26:03 Having accountability 27:37 Letting it go and trusting your partner 28:49 Questions to ask yourself before jumping into a business partnership 29:58 What makes a good partnership 31:58 Hiring an attorney for your operating agreement 32:54 Being honest with yourself about having a business partner 35:36 Moral of the story NOTABLE QUOTES "A 50:50 partnership is a 0:0 partnership because there is no leader." - Emanuele Pani "Get the right butts in the right seats on the bus." - Mike Sjogren "If you love what you do, you are never working." - Emanuele Pani "Correct the process, not the person." - Mike Sjogren "Don't act out of fear." - Emanuele Pani "A partnership is not the answer to get you started." - Emanuele Pani CONNECT WITH THE HOSTS Michael Sjogren: Short Term Rental Secrets Facebook Group | Clubhouse | Instagram | Youtube | Facebook Page | Linkedin https://linktr.ee/the_airbnbguy Emanuele Pani: Clubhouse | Instagram | Facebook | Linkedin FREE MASTERCLASS TRAINING - https://www.strsecrets.com/masterclass Learn more about your ad choices. Visit megaphone.fm/adchoices