Making Business Connections with Milan Topolovec

In the business world, connections are the rule of the game. Today, I have the pleasure of hosting the amazing Milan Topolovec. In my opinion, Milan is the king of connections. He knows all the right people, and he is always ready to offer recommendations.

Milan runs two primary businesses. One is a consulting firm, and the other is a finance firm. Milan's day to day life involves working with business owners to see the loopholes. Once the loopholes are identified, Milan connects the businesses with the right professionals.

Come to think of it, when did you last have all your service providers in one room? That's what Milan brings to the table. An opportunity for you to sit with all your service providers to see how best they can serve the business to take it to the next level.

In this episode, Milan will share some things that can go wrong with small business partnerships and give us nuggets of wisdom for people who want to branch out of their 9-5.

Listen in and learn.

How small Business Partnerships Can Go Wrong

Many people get into partnerships without clearly laying down the rules and the expectations, which leads to the failure of businesses. For instance, it's never clear on who handles the money, what role each partner plays and in case of a sudden death, who takes the partner's seat.

According to Milan, you need to have a legal expert draft a partnership agreement to help you capture all the nitty gritties.

Transitioning from employment to Entrepreneurship

If you are planning to transition from employment to self-employment, Milan recommends that you make sure you secure your line of credit before you leave employment. Securing a credit line from the other side is not as easy as many people imagine.

Milan's Superpower

Milan prides in his determination not to quit. He believes that if you are not determined, you go nowhere.

Timestamps:

[00:28] Getting to know Milan

[06:33 Examples of how a small business partnership can go wrong

[17:24] Milan's advice to someone who wants to branch out from 9-5

[25:45] Milan's inner superpower

Quotes:

"I can bring you the most advanced lawyer in the world. But if he's going to rub the client the wrong way, or she's going to rub decline. It's a problem."

"I don't need to know everything. It's impossible to know everything."

“You're going to go into a business, leave your employer, make sure  you secure your line of credit while you're an employee, because when you're self-employed, it's a lot tougher."

"If you're going to bring on partners, I urge you to stop and think about it. Because bringing in the wrong person is very expensive."

Connect with Milan:

LinkedIn: https://www.linkedin.com/in/milan-topolovec-ba-tep-clu-chs-rcis-4373/

Twitter - https://twitter.com/MilanTopolovec

Website - https://www.innerorbis.ca/

Book: Beyond the Tipping Point – Milan Topolovec