Always Know Who You’re Doing Business With
Summary
- Always conduct thorough background checks on potential partners and vendors to avoid associating with questionable characters.
- If you find that individuals in a company have a history of legal troubles, it's wise to steer clear of doing business with them.
- Adopt a straightforward decision-making process like Warren Buffett and Charlie Munger; if there's an option with less risk, take it.
- Protect yourself and your business by choosing to work with people who have a clean record, as there are plenty of reputable options out there.
- It's not ruthless to avoid potential trouble; it's smart business practice to minimize risk where possible.
Video
How To Take Action
I would suggest implementing a solid background check process for your business. It's easy. If you're considering working with someone, do some digging first. Check out their history. It might seem like a hassle, but trust me, it saves headaches later. Look for any signs of legal troubles. If you spot something fishy, it's okay to walk away. There are plenty of other people out there to partner with.
Another thing you can do is make decisions like Warren Buffett and Charlie Munger. Keep it simple. When you've got two choices, and one is less risky, go for that one. Don't overcomplicate things.
Remember, choosing not to work with someone because they've got a shady past is not mean. It's just smart. It's about protecting your business, and there's nothing wrong with that. So, if you have the option of 'that' or 'not that' like I do, choose 'not that.'
Finally, make sure this is a regular part of how you operate. It's not a one-time thing. It should be like a habit. Every time a new opportunity comes up, do the check. It's just part of doing good business. And it doesn't need to cost a lot. There are affordable third-party firms that can help you out.
By following these steps, you'll be on the right track. Keep your business safe and yourself stress-free.
Quotes
"I'm sure they had a story they didn't technically get in trouble I just like if I have the option of that or just not that I'll just not do that"
– Alex Hormozi
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"It's like I'm sure they had a story they didn't technically get in trouble"
– Alex Hormozi
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"That's called singing to the feds"
– Alex Hormozi
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"When we found that out it's like"
– Alex Hormozi
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"If I have the option of that or just not that I'll just not do that"
– Alex Hormozi
