Want the keys to an absolutely miserable partnership? Then look no further that Alex Hermozi’s most recent vlog.
But first, who the hell is Alex Hermozi?
Who the Hell is Alex Hermozi?
Today Alex and his wife Leila Hermozi are known for being the exceedingly wise (and badass) couple that created a portfolio of companies doing $85 million per year by ages 32 and 29 respectively.
But the crazy success they enjoy today began with just a humble gym. So humble in fact in the beginning, Alex couldn’t even afford to pay two months rents. He’d spend the day with clients in the gym and then sleep on the floor at night.
Until he met Leila…
The #1 Sales Agent in Her Region
Early in his gym ownership Alex met his soon to be wife Leila, who happened to be the top-selling personal trainer in the region at the time. The duo teamed combined their sales and marketing skills and quickly grew from 1 gym to 6.
They then started a business called Gym Launch, where they help other gym owners become profitable using their sales and marketing strategy.
In just 2 years, they did 33 turnarounds and then licensed the model to other gyms. The GymLaunch system is now being used by thousands of companies all over the world.
They Built the American Dream
From there they then started a supplement company and then a SaaS business. After successfully exiting the latter, they invested in 10 companies. Alex grew 3 companies to a $50M+ run rate in 3 years and grew his net worth further. Today, their combined portfolio makes over $100M per year.
All of which is to say…
It’s safe to say Alex knows a thing or two about partnerships. Being in a partnership is like being in a marriage. It’s important to choose your partner wisely.
Based on Alex’s experience engaging with thousands of owners, here are the 10 things he sees everyday between business partners that destroys the business. Avoid these 10 mistakes by watching the video on: 10 Ways to Create a Terrible Business Partnership.
Alex Hermozi’s 10 Ways to Create a Terrible Business Partnership
- Make sure your partner has the same knowledge base as you
- Make sure your partner doesn’t have enough time to commit to the business
- Make sure they don’t have any money
- Have different expectations of one another and the business
- Don’t create a formal partnership agreement
- Do disproportionate amounts of the work
- Be misaligned on the mission
- Be misaligned on values
- Disagree on the long term vision of the company
- Have a completely different lifestyle than your partner