035 The Purpose of Partnerships

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Welcome to episode 035 of “Connie and Sheila Talk”. Here are today’s show segments:
1) Famous Quotes
2) The Purpose of Partnerships with special guests Ginny and Greg Pitts
3) Heart Topic: Answering the Call to Serve Others
John D. Rockefeller said…. “A friendship founded on business is a good deal better than a business founded on friendship”. We picked Mr. Rockefeller’s quote today because he was a very successful business man and he believed in effective partnering. Rockefeller, his brother William, Samuel Andrews, Henry Flagler, Stephen Harkness, Jabez Bostwick and O.B. Jennings formed a partnership to create Standard Oil Company. This partnership made Rockefeller a fortune and the rest is history!

Today we explore the purpose of partnerships. Many things have been written about partnerships, both good and bad, and so we discuss the what, why and how with Ginny and Greg Pitts. When it comes to partnering, these guys are the master-blasters and are very effective.

Click on this link to go to Greg & Ginny’s company website.
Grand Canyon Properties

Why would someone consider forming a partnership?

o Leveraging each other’s resources
o Leveraging each other talents, time & money
o Power in numbers
o Increasing Strength and Synergy
o More exposure
Questions to consider before forming a real estate partnership:
1. In what name will the property be purchased? Individual, Company? General Partnership?
2. Who will make payments on the mortgage? Utilities? Insurance?
3. How will the profits be split? Will partners take a monthly or quarterly payment? Will there be an escrow account for maintenance and vacancies?
4. Who will manage the accounting?
5. Who will manage the property?
6. Who will manage the tenants?
7. Who will handle repairs or maintenance issues?

Odd pairings of partnerships can sometimes bring about the best synergy and results. (Watch this timeless video of David Bowie and Bing Crosby from the late 70’s)

Bing Crosby & David Bowie – Duet
Uploaded by beautifulcynic. – See the latest featured music videos.

Living in Music City USA really makes us appreciate this other odd partnership. Nashville is home of The Grand Ole Opry and full of country music artists. This video of Tim McGraw and Nelly is one that really shows how great partnerships can be.

Our Heart Topic is “Answering the Call to Serve Others”. Greg openly talks about his trip to Haiti this year after the tragic earth quake and what the experience was like. His architectural background was a wonderful talent to help with the tearing down and rebuilding.
When listening, our heart can lead us into places we never dreamt possible. When our heart is open we begin to hear and see the needs of others. Thus our open heart can lead us to use our time and talents to help all people, all places and all things. Some unlikely, yet successful partnerships can form when following our heart!
Our question today is: We all have talents, so, “How are you (we) answering the call to serve others?
Until next week, Peace!
Connie and Sheila