Tom Breitling and his business partner, Tim Poster, risked it all when they purchased the Golden Nugget in 2003, making them the youngest hotel and casino owners in Las Vegas. Through their ups and downs, Tom learned the importance of forming successful partnerships in business and documented the story in his book Double or Nothing: How Two Friends Risked It All to Buy One of Las Vegas' Legendary Casinos
. Dr. Oz talks with Tom and co-author Cal Fussman about the book and the importance of forming partnerships in business.
How to Find a Great Business Partner:
- Keep your options open. Sometimes, the most unlikely friendships can turn into great business partners, Tom says.
- Find a partner who complements you. Find someone who shares the same vision as you, but look for someone to make up for your lost skill sets as well, Tom says. "Its trying to understand what you are good at and making up for the other person's weaknesses," he says.
- Dream big. "Our dream was to be the largest provider of rooms to the city of Las Vegas," Tom says. "Every year, we worked toward that vision." Keeping an open mind and envisioning success will help you work harder toward achieving it.
- Realize that partnerships are often not equal. Oftentimes, one partner will become more successful than the other. That's okay, Dr. Oz says, as long as you are willing to check your ego at the door and realize that this can occur.
- Know that it's okay to fight. Fighting can be healthy for any relationship, especially in business. "But there is a right way to fight," Cal says. "I think that there is a language that partners have." As long as you are moving forward, it's okay to banter back and forth over common issues, he says.