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Blog Home > Business 
Published by: Glen Brink 08-Jul-14
Three Qualities to Look for Before You Go into Business with Anyone
July 6, 2014  
Editor's note: Step 1… Set realistic goals to grow and improve your business. Step 2… Do your research before going into business with anyone.

Whether you're selecting a business partner, a contractor, or an insurance agent, you want expert advice and great service. Mark Ford has developed a checklist for making sure you get just that…

Mark is the founder of our corporate affiliate The Palm Beach Letter. He has launched more successful enterprises than nearly anyone we know… and has amassed a huge personal fortune worth millions of dollars.

In today's edition of our weekend Masters Series – originally published in the July 19, 2013 issue of our free e-letter, DailyWealth – Mark details the three qualities to look for when going into business with someone.

His philosophy is bound to help you build longer-lasting, more profitable relationships…

Three Qualities to Look for Before You Go into Business with Anyone
By Mark Ford, founder, The Palm Beach Letter

I am not a spendthrift. But I'm not a cheapskate, either.

I know people who are not happy in a deal unless they feel like they've beaten the other guy down to nothing. That approach to business is mean and inefficient. Most times, it will end up backfiring.

Let me tell you why.

You are building a new house. You have asked three contractors for bids. You call in the low bidder and begin the process of chiseling him down on his prices.

He needs the work. (Pretend it is 2010.) So he agrees to build your house for what it costs him. He will be able to keep his workers busy and pay them, but he won't make a nickel of profit on the deal.

You feel great.

But what you don't realize is that in building your house, you will make changes. Dozens of them. And every time you make a change order, he will screw you.

It will be a screwing he believes you deserve. By the time the house is done, he will have his profit and more. And you will have paid a higher price than you should have and made an enemy in the process.

As an investor in residential real estate for 30 years, I've seen this scenario play out at least 100 times.

I've learned from my business and financial relationships that getting the cheapest deal doesn't necessarily mean you're getting the best deal.

Instead, when I go into business with someone, I am looking for three things:

•   The right match (someone who brings me something useful that I need).
•   The right personality (someone I enjoy dealing with).
•   The right deal (a deal that is good and profitable for both of us).

For example, Peter, my main partner in my rental real estate activities, cannot afford to bring cash to the business. But he brings other things.

First, Peter is the right match. He's detail-oriented, which I'm not, so he keeps good books. He's also tighter with expenses than I am, so he won't buy a new refrigerator when he can fix the old one for $25.

He's better than I could be with renovations and repairs because he has 30 years of experience working with trades. He knows what services cost. And he's very good with people – happy to listen and compromise but hardly a pushover.

Second, Peter is also someone I work with well – in other words, the right personality. We've been partners in various projects on and off for 40 years. Working with him is fun and easy. That makes the business fun and easy.

Third, the deal we have is a good one. In return for donating some of his expertise and time, I give him a share of the equity. Plus, I pay him an arm's-length management fee.

It's a good deal for him because he gets income and equity in the real estate we buy without putting any cash up. It's a good deal for me because Peter takes care of everything. The only thing I really need to contribute for a rental real estate deal is cash.

The relationship works well for me because he does things I can't or won't do on my own. I trust him implicitly. I'm happy to pay him very well for this, and so our deal is fair for both of us.

I have the same philosophy in selecting brokers, financial advisors, and insurance agents. I want expert advice and great service. And I don't want to overpay for it. But I don't want to underpay, either.


Mark Ford
Editor's note: Mark used these three qualities to select his business partner at The Palm Beach Letter, Tom Dyson. Tom recently discovered a wealth-building loophole the banking industry does not want you to know about… By putting your money in special accounts, you can earn thousands of extra dollars – completely tax-free. Tom says he has put $50,000 of his own money into these accounts. But you don't need that much to get started. Learn more here.

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This is the Simplest Way To Make Money Online…

After 11 years of marketing online full time I was frustrated that it was so complicated for new people to get results. We decided to band together with colleagues and create our own system to help people have a simple way to make significant income online.

We provide all the coaching and training you’re going to need to build your online business. This has been the best system we’ve ever used as a vehicle for making money online.


Glen Brink    303-442-6460    glenabrink@gmail.com

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PPS:  Then, profit from our team leaders:

Unlike most Internet opportunities, our team provides Live Training for you, conveniently.  So come, learn and ask questions.

We have a live Hangout three times a week.  And we record the program so you can view it later at your convenience.

Each program is new and different, on a separate subject. So don’t miss one get in now.


schedule:    ( see previous session on video – 24/7 )

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