323: [Cedrick Phillips] Business Partnerships: Are They Like Marriages?

Thinking about starting a business? Well, hold onto your hats because today we’re diving deep into the world of business credit! We chat with the fabulous Cedrick Phillips, president of Fund Well Consulting Group, who shares the scoop on why having a solid partnership is like a 10-year marriage, if you can’t see yourself with your business partner for a decade, it’s time to rethink that deal! We break down the basics of business credit, the importance of keeping your personal and business finances separate, and how to set up your company for success from day one. So if you’re ready to learn how to navigate the sometimes murky waters of obtaining funding and building a solid credit profile, you’re in the right place! Stick around for tips, tricks, and maybe a laugh or two, because we believe finance should be fun, not just numbers on a page!

Takeaways:

1. Considering a long-term partnership is essential; can you envision being in business with them for 10 years?
2. Building business credit is crucial; it helps separate personal and business finances for growth.
3. Don't fall for business credit myths; good personal credit still matters when seeking business loans.

Chapters:

1. 00:00 - Building Long-Lasting Business Relationships
2. 00:38 - Understanding Business Credit and EIN
3. 12:16 - Understanding Business Credit Myths and Realities
4. 22:13 - Transitioning Personal Development to Business Growth
5. 30:32 - Transitioning from Wealth Philosophy to Practical Advice

Learn more about Cedrick:

https://fundswellconsultinggroup.com/

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Disclaimer:

The information in this podcast is for general informational and educational purposes only and does not constitute financial, legal, or tax advice. Please consult with a qualified professional for advice tailored to your individual circumstances.