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Working with Partners : Memorandum of Understanding - YouTube
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you
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I want to talk to you about something
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that I feel very passionate about
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because of how it's impacted me in my
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business life and that's working with
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other people working with partners and
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making sure that you cover your tail I
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had two students call me up and this
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just this past week where they were
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telling me scenarios about their
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involvement with another person now in
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one particular case it happened to be
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another owner forum member so it was two
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owner forum members trying to create a
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sort of partnership in in a deal and
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then another scenario was an owner forum
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member who met another person at another
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gurus boot camp they became partners and
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they were trying to get into a third
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persons deal as general partners and the
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general and the guy who control the deal
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was offering you know different things
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to them and all I have to do in
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situations like that is just ask the
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most basic probing questions first of
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which is do you have anything in writing
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like how do you know this guy what's his
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involvement
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what is the expecting of you what are
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you going to get for that he's told you
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you're gonna get and they have nothing
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they know we just we just talked about
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it but you know we I he's a good guy and
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I really like him and I trust them and
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you know okay that's not that's not how
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this whole thing works
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you need to get these things in writing
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and I'll tell you right now it takes the
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most basic document to make this happen
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I don't know the easiest document to use
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is what's called a memorandum of
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understanding and it's just a simple can
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be one-page two-page doesn't have to be
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anything lengthy but it basically lays
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out what who the parties are why they're
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coming together what they're trying to
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achieve and do it under these
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circumstances and so I started thinking
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myself I see this more than I want to
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and I see students getting themselves
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into trouble that you know oh well he
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said he was
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gonna do that well yeah it turns out
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that that he you know people at the
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closing table have very short memories
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now a memorandum of understanding is not
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it can be binding it doesn't have to be
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binding but it's it's basically a
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memorial ization of the conversation
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that you had so everybody is on the same
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page and it really shows people that hey
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you know what if I'm not if I'm not able
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to agree with this guy now at this stage
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it's not going to get any easier you
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later on so what I'm doing and what I'm
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in the process of doing is putting
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together an online forum and I'm going
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to start off with on forum members where
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you're gonna see a product in the
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product library it's gonna call it be
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calling memorandum of understanding
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you're just gonna click on it I'll have
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a little video of me teaching you what I
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want you to do you fill in the blanks
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you click on that the hyperlink it takes
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you to a form you fill in the blanks you
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set up a time with me to talk and then
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we we go through it and I'll put
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together the memorandum of understanding
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for you so that you guys have something
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to work with and I think that'll really
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make you it'll it'll protect you and
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it'll make your business look yeah baby
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thanks Richard you make your business
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look like you know what you're talking
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about when you show up to this guy with
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a legally drafted MOU is what we call
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them MOU that has all the terms and
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conditions of what that what you all
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agreed to and I can tell you you know
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there is you know one of these students
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what this guy was offering was illegal
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you couldn't get past go and the last
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thing you ever want to do take this to
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the bank is enter into a contract that
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on day one you are in breach of
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