if you’re about to sign a deal and you’re not comfortable with it you have
you’re not comfortable with it you have
you’re not comfortable with it you have to be willing to walk away you have to
to be willing to walk away you have to
to be willing to walk away you have to be willing to walk away and know that
be willing to walk away and know that
be willing to walk away and know that something better is on the horizon
something better is on the horizon
something better is on the horizon because if you sign a deal that you are
because if you sign a deal that you are
because if you sign a deal that you are uncomfortable with you’re not gonna be
uncomfortable with you’re not gonna be
uncomfortable with you’re not gonna be happy it’s gonna haunt you public for a
happy it’s gonna haunt you public for a
happy it’s gonna haunt you public for a really long time hi I’m Evan Carmichael
really long time hi I’m Evan Carmichael
really long time hi I’m Evan Carmichael I believe that hungry entrepreneurs
I believe that hungry entrepreneurs
I believe that hungry entrepreneurs deserve help and today I’m answering a
deserve help and today I’m answering a
deserve help and today I’m answering a question of one of my newsletter readers
question of one of my newsletter readers
question of one of my newsletter readers Morita Morita wrote a really long email
Morita Morita wrote a really long email
Morita Morita wrote a really long email Morita we have got to get things a
Morita we have got to get things a
Morita we have got to get things a little more condensed now Maria is a
little more condensed now Maria is a
little more condensed now Maria is a chef she’s a great chef and she’s
chef she’s a great chef and she’s
chef she’s a great chef and she’s starting a business with a partner of
starting a business with a partner of
starting a business with a partner of hers the partners putting up the money
hers the partners putting up the money
hers the partners putting up the money she’s gonna be the chef and she’s
she’s gonna be the chef and she’s
she’s gonna be the chef and she’s wondering what is a fair compensation
wondering what is a fair compensation
wondering what is a fair compensation so her partner’s putting up the money is
so her partner’s putting up the money is
so her partner’s putting up the money is doing all the marketing and she’s gonna
doing all the marketing and she’s gonna
doing all the marketing and she’s gonna be working the restaurant
be working the restaurant
be working the restaurant doing all the cooking work so she was
doing all the cooking work so she was
doing all the cooking work so she was assuming she would get a 60/40 split
assuming she would get a 60/40 split
assuming she would get a 60/40 split where the investor marketing person got
where the investor marketing person got
where the investor marketing person got 60 and she would get 40 now the person
60 and she would get 40 now the person
60 and she would get 40 now the person coming back to say that she wants 90%
coming back to say that she wants 90%
coming back to say that she wants 90% and Marita as a chef would get 10% but
and Marita as a chef would get 10% but
and Marita as a chef would get 10% but would lose half the shares to her
would lose half the shares to her
would lose half the shares to her employees as compensation as they grew
employees as compensation as they grew
employees as compensation as they grew so should end up with 5% of the business
so should end up with 5% of the business
so should end up with 5% of the business she wanted my advice on is this a deal
she wanted my advice on is this a deal
she wanted my advice on is this a deal that you should go with or not and what
that you should go with or not and what
that you should go with or not and what to do so Marita this sounds like a raw
to do so Marita this sounds like a raw
to do so Marita this sounds like a raw deal you know if it were me I wouldn’t
deal you know if it were me I wouldn’t
deal you know if it were me I wouldn’t take it but it depends on your situation
take it but it depends on your situation
take it but it depends on your situation how badly do you want this restaurant
how badly do you want this restaurant
how badly do you want this restaurant business to fly do you see this as a
business to fly do you see this as a
business to fly do you see this as a long-term venture or not you want to be
long-term venture or not you want to be
long-term venture or not you want to be able to open multiple restaurants or not
able to open multiple restaurants or not
able to open multiple restaurants or not and you see this business partner as
and you see this business partner as
and you see this business partner as somebody who can work with for the long
somebody who can work with for the long
somebody who can work with for the long term there’s a million different ways to
term there’s a million different ways to
term there’s a million different ways to make a deal and the most important thing
make a deal and the most important thing
make a deal and the most important thing is that you’re comfortable with it you
is that you’re comfortable with it you
is that you’re comfortable with it you can go and look and research other deals
can go and look and research other deals
can go and look and research other deals and look at when chefs have come and
and look at when chefs have come and
and look at when chefs have come and taken over how much they’ve gotten that
taken over how much they’ve gotten that
taken over how much they’ve gotten that might give you some more comfort to see
might give you some more comfort to see
might give you some more comfort to see what might be more industry norm but at
what might be more industry norm but at
what might be more industry norm but at the end of the day you have to feel
the end of the day you have to feel
the end of the day you have to feel comfortable with it you have to feel
comfortable with it you have to feel
comfortable with it you have to feel comfortable either with like if she
comfortable either with like if she
comfortable either with like if she sticks to her guns and she’s saying
sticks to her guns and she’s saying
sticks to her guns and she’s saying that’s all I’m gonna give you then
that’s all I’m gonna give you then
that’s all I’m gonna give you then you’re gonna end up with 5% of the
you’re gonna end up with 5% of the
you’re gonna end up with 5% of the business you either have to feel
business you either have to feel
business you either have to feel comfortable with having that 5% and
comfortable with having that 5% and
comfortable with having that 5% and growing and building this hopefully
growing and building this hopefully
growing and building this hopefully successful company and not having to eat
successful company and not having to eat
successful company and not having to eat at you that your own
at you that your own
at you that your own earning 5% that’s dangerous if you’re
earning 5% that’s dangerous if you’re
earning 5% that’s dangerous if you’re gonna build this highly successful
gonna build this highly successful
gonna build this highly successful company think about yourself five years
company think about yourself five years
company think about yourself five years down the road you put all this work in
down the road you put all this work in
down the road you put all this work in and you only have 5% of the business is
and you only have 5% of the business is
and you only have 5% of the business is that gonna eat at you every day because
that gonna eat at you every day because
that gonna eat at you every day because if it is you can’t take that deal on the
if it is you can’t take that deal on the
if it is you can’t take that deal on the flip side you have to be willing to walk
flip side you have to be willing to walk
flip side you have to be willing to walk away for any type of deal you have to be
away for any type of deal you have to be
away for any type of deal you have to be willing to walk away at some point
willing to walk away at some point
willing to walk away at some point what is that percentage where you walk
what is that percentage where you walk
what is that percentage where you walk away there’s a five percent is a 10
away there’s a five percent is a 10
away there’s a five percent is a 10 percent is a 20 percent you have to have
percent is a 20 percent you have to have
percent is a 20 percent you have to have a number in your head that you feel
a number in your head that you feel
a number in your head that you feel comfortable with and stick to your guns
comfortable with and stick to your guns
comfortable with and stick to your guns she’s really important to this deal but
she’s really important to this deal but
she’s really important to this deal but hey so are you right you can let people
hey so are you right you can let people
hey so are you right you can let people beat you down if you feel you have a lot
beat you down if you feel you have a lot
beat you down if you feel you have a lot of value and you deserve more than five
of value and you deserve more than five
of value and you deserve more than five percent then you fight for it and you’d
percent then you fight for it and you’d
percent then you fight for it and you’d be willing to walk away this is not just
be willing to walk away this is not just
be willing to walk away this is not just for business partnerships this is for
for business partnerships this is for
for business partnerships this is for customers this is for employees is for
customers this is for employees is for
customers this is for employees is for every negotiation you have you have to
every negotiation you have you have to
every negotiation you have you have to be willing to walk away at some point
be willing to walk away at some point
be willing to walk away at some point when I work with customers and I’ll
when I work with customers and I’ll
when I work with customers and I’ll quote them on something it’s usually way
quote them on something it’s usually way
quote them on something it’s usually way higher than they expect and I’m willing
higher than they expect and I’m willing
higher than they expect and I’m willing to walk away because I know they’re
to walk away because I know they’re
to walk away because I know they’re getting huge value even though it’s way
getting huge value even though it’s way
getting huge value even though it’s way more expensive than what they thought it
more expensive than what they thought it
more expensive than what they thought it would be way more expensive than what my
would be way more expensive than what my
would be way more expensive than what my competitors might charge I’m bringing
competitors might charge I’m bringing
competitors might charge I’m bringing way more value than anybody else and I
way more value than anybody else and I
way more value than anybody else and I believe in that price and if they pay it
believe in that price and if they pay it
believe in that price and if they pay it I’m happy to do work and they’ll feel
I’m happy to do work and they’ll feel
I’m happy to do work and they’ll feel good about myself and I’ll feel great
good about myself and I’ll feel great
good about myself and I’ll feel great about the work that I’m doing and if
about the work that I’m doing and if
about the work that I’m doing and if they don’t pay it then I’ll walk away
they don’t pay it then I’ll walk away
they don’t pay it then I’ll walk away and I’m happy and I know that I’ve
and I’m happy and I know that I’ve
and I’m happy and I know that I’ve walked away from a deal from somebody
walked away from a deal from somebody
walked away from a deal from somebody who doesn’t respect and value the work
who doesn’t respect and value the work
who doesn’t respect and value the work that I do I wouldn’t want to undercut my
that I do I wouldn’t want to undercut my
that I do I wouldn’t want to undercut my prices end up doing work that I know
prices end up doing work that I know
prices end up doing work that I know it’s huge value and have people not pay
it’s huge value and have people not pay
it’s huge value and have people not pay for it so I don’t know if that I
for it so I don’t know if that I
for it so I don’t know if that I answered your question for you there’s
answered your question for you there’s
answered your question for you there’s no right answer beyond you have to feel
no right answer beyond you have to feel
no right answer beyond you have to feel comfortable with that amount do not let
comfortable with that amount do not let
comfortable with that amount do not let it eat at you for years as you put all
it eat at you for years as you put all
it eat at you for years as you put all your work into it
your work into it
your work into it 5% may be fair for you you may think
5% may be fair for you you may think
5% may be fair for you you may think okay that’s enough I’m not telling you
okay that’s enough I’m not telling you
okay that’s enough I’m not telling you that you need to go for more I would go
that you need to go for more I would go
that you need to go for more I would go for more but you don’t necessarily have
for more but you don’t necessarily have
for more but you don’t necessarily have to go for more if you’re happy with it
to go for more if you’re happy with it
to go for more if you’re happy with it but if it’s gonna eat at you if you’re
but if it’s gonna eat at you if you’re
but if it’s gonna eat at you if you’re gonna look at that number you know every
gonna look at that number you know every
gonna look at that number you know every day and think about all the work you’re
day and think about all the work you’re
day and think about all the work you’re putting in and you’re only pulling out
putting in and you’re only pulling out
putting in and you’re only pulling out 5% of this business then figure out what
5% of this business then figure out what
5% of this business then figure out what your number is and stick to it I know
your number is and stick to it I know
your number is and stick to it I know that if you don’t get that you’re going
that if you don’t get that you’re going
that if you don’t get that you’re going to walk away and you’re going to find
to walk away and you’re going to find
to walk away and you’re going to find enough
enough
enough opportunity I hope that helps you got
opportunity I hope that helps you got
opportunity I hope that helps you got some tough thinking ahead of you for
some tough thinking ahead of you for
some tough thinking ahead of you for those are watching if you liked the
those are watching if you liked the
those are watching if you liked the video please give it a thumbs up below
video please give it a thumbs up below
video please give it a thumbs up below it makes me to do more for you and hey I
it makes me to do more for you and hey I
it makes me to do more for you and hey I want to hear what you have to think
want to hear what you have to think
want to hear what you have to think please leave a comment about this video
please leave a comment about this video
please leave a comment about this video if you have a question please leave it
if you have a question please leave it
if you have a question please leave it in the comments below
in the comments below
in the comments below I love seeing those come in and makes my
I love seeing those come in and makes my
I love seeing those come in and makes my morning every time even if you’re just
morning every time even if you’re just
morning every time even if you’re just saying hey loved the video or shout out
saying hey loved the video or shout out
saying hey loved the video or shout out from wherever you’re from thanks guys
from wherever you’re from thanks guys
from wherever you’re from thanks guys and I’ll see you on the next episode
”
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