Tips for Making a Business Partnership Work with Tim Winfrey

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 a 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:

 The Freedom Chasers Podcast 

1st Class Real Estate Great Lakes

Key Quotes:

"If you're an entrepreneur, new opportunities arrive all the time, and being able to make sure that everybody is being able to win in the equation is very important." - Tim Winfrey

"You don't want to get into business with somebody you don't know well." - Tim Winfrey

WANT TO LEARN MORE?

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Or you can send me an email at sharon@sharonvornholt.com 

Be sure to check out the Louisville Gals Real Estate Blog and my course Probate Investing Simplified.

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