Got Family

Hello this is Got Family and I am Carey Berger and today we’re going to talk about alternatives to ownership when somebody wants to be your partner. What happens here is somebody comes in and they say, “I’ll loan you money and you make me a partner.” Okay, great. What does that mean? Well, sometimes what that means as we’ve talked about in other settings, is a whole bunch of baggage and potentially misunderstood relationships. How do we clarify those relationships? By calling them what they are. There are different levels of “ownership,” and let's talk about that. I bring in money and I want to be at no risk beyond that money and I want to get a steady amount of interest and I don't want to have to worry about drinking behind anyone else, I get to go first. I'm a banker, okay? So, I'm putting my money in and I get out first before anybody else. I'm not really at risk anybody else is behind me and I get interest rate that is banking. That's a loan. Second status, okay fine, I bring money in and I only want to