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The $68M Betrayal & The Unbreakable Partnership | Bill Fairman
The business plan was solid. The handshake was firm. But what happens when the partnership you built your life on is suddenly holding a $68 million secret?
In this raw and revelatory episode of the Never in Reverse Podcast, Jeremy Axel sits down with Bill Fairman, a battle-tested co-founder from the financial services trenches. This isn’t a theory, it’s a testimony. Bill pulls back the curtain on the exhilarating highs and devastating lows of business partnerships, sharing the hard-won wisdom that can only come from walking through fire.
You’ll hear the story of starting from scratch with little more than a dream, the unique complexities of partnering with family, and the non-negotiable role of radical transparency. Then, Bill takes us into the heart of the storm: navigating a catastrophic $68 million loss caused by partner misconduct. This is a masterclass in crisis leadership and personal resilience.
For detailed show notes, navigate using the timestamps below:
(00:00:00) Introduction and Guest Welcome
(00:00:54) Personal Background and Hobbies
Bill shares about his hobbies, love for fishing, and what motivates him in life and business.
(00:03:06) Why This Podcast?
Bill explains what attracted him to the podcast and the meaning behind "Never in Reverse."
(00:04:24) Weathering the Early Storms
Discussion on starting the business with limited resources, community support, and the challenges of the early days.
(00:05:10) Bootstrapping and Growth
Bill details how the business was bootstrapped, the role of family, and the transition from brokering loans to starting a fund.
(00:09:57) Family Dynamics in Business
Exploring the benefits and challenges of working with family, maintaining open communication, and separating family from business.
(00:11:42) Maintaining Trust and Communication
Importance of daily and weekly huddles, honest dialogue, and preventing resentment in partnerships.
(00:12:57) Handling Personal and Business Challenges
Navigating personal life events, ego, and maintaining clear communication as the business evolves.
(00:14:36) Transparency with Staff and Investors
Balancing openness with staff and investors during tough times, and the importance of timely communication.
(00:15:59) The $6.8 Million Loss Crisis
Bill recounts bringing in a third partner, discovering accounting discrepancies, and the resulting major financial loss and litigation.
(00:18:36) Leadership During Crisis
How to lead a team and maintain culture during chaos, and the personal toll of business crises.
(00:20:20) The Value of Mastermind Groups
How mastermind groups provided support, advice, and a sounding board during difficult times.
(00:22:21) Radical Transparency with Investors
Describing the process of communicating the crisis to investors, holding town halls, and maintaining trust.
(00:23:13) Lessons from Chaos and Growth
How moments of chaos build strength, structure, and authenticity in leadership and business.
(00:24:12) The Importance of Asking for Help
Encouragement to utilize support networks and not hide problems out of embarrassment.
(00:25:17) Advice on Co-Founder Relationships
Bill’s perspective on partnerships, the importance of planning for exits, and treating partnerships like potential divorces.
(00:26:34) Structuring Partnerships for the Future
Advice on setting up agreements and processes to handle life changes and business evolution.
(00:27:13) Final Advice for Future Founders
Bill’s key takeaways: don’t get discouraged, expect ups and downs, and be open and honest with all stakeholders.
(00:29:01) The Meaning of "Never in Reverse."
Bill explains his interpretation: facing consequences, making tough calls, and learning from failure.
(00:29:32) Closing Remarks
Host wraps up with final thoughts on partnership resilience, learning from failure, and thanks to Bill.
=====================================
FOLLOW & LEARN MORE ABOUT Bill Fairman:
=====================================
► Instagram: https://www.instagram.com/bill.fairman.5/?hl=e
► Facebook: https://www.facebook.com/bill.fairman.5
► LinkedIn: https://www.linkedin.com/in/bfairmancarolinahardmoney/
► website: https://carolina.fund/accredited-investor
==========
FOLLOW US
==========
► YouTube: https://www.youtube.com/@NeverInReverse
► Spotify: https://open.spotify.com/show/39zLUYtDfBDVkbeLAVuTcI
► Apple Podcasts: https://podcasts.apple.com/us/podcast/never-in-reverse/id1756324120
► Amazon Music https://music.amazon.com/podcasts/01bdb6c8-fbc3-47c8-b47f-c1f640360356/never-in-reverse.
=================
CONNECT WITH US:
=================
► Instagram: https://www.instagram.com/neverinreverse/
► X (Formerly Twitter): https://x.com/neverinreverse
► Facebook: https://www.facebook.com/neverinreverse
► TikTok https://www.tiktok.com/@neverinreverse1?_t=8rbZo6eWaJq&_r=1
► Website: https://neverinreverse.com/
Don’t forget to like, comment, and subscribe
View all episodes
By Jeremy Axel & Doug CoxThe business plan was solid. The handshake was firm. But what happens when the partnership you built your life on is suddenly holding a $68 million secret?
In this raw and revelatory episode of the Never in Reverse Podcast, Jeremy Axel sits down with Bill Fairman, a battle-tested co-founder from the financial services trenches. This isn’t a theory, it’s a testimony. Bill pulls back the curtain on the exhilarating highs and devastating lows of business partnerships, sharing the hard-won wisdom that can only come from walking through fire.
You’ll hear the story of starting from scratch with little more than a dream, the unique complexities of partnering with family, and the non-negotiable role of radical transparency. Then, Bill takes us into the heart of the storm: navigating a catastrophic $68 million loss caused by partner misconduct. This is a masterclass in crisis leadership and personal resilience.
For detailed show notes, navigate using the timestamps below:
(00:00:00) Introduction and Guest Welcome
(00:00:54) Personal Background and Hobbies
Bill shares about his hobbies, love for fishing, and what motivates him in life and business.
(00:03:06) Why This Podcast?
Bill explains what attracted him to the podcast and the meaning behind "Never in Reverse."
(00:04:24) Weathering the Early Storms
Discussion on starting the business with limited resources, community support, and the challenges of the early days.
(00:05:10) Bootstrapping and Growth
Bill details how the business was bootstrapped, the role of family, and the transition from brokering loans to starting a fund.
(00:09:57) Family Dynamics in Business
Exploring the benefits and challenges of working with family, maintaining open communication, and separating family from business.
(00:11:42) Maintaining Trust and Communication
Importance of daily and weekly huddles, honest dialogue, and preventing resentment in partnerships.
(00:12:57) Handling Personal and Business Challenges
Navigating personal life events, ego, and maintaining clear communication as the business evolves.
(00:14:36) Transparency with Staff and Investors
Balancing openness with staff and investors during tough times, and the importance of timely communication.
(00:15:59) The $6.8 Million Loss Crisis
Bill recounts bringing in a third partner, discovering accounting discrepancies, and the resulting major financial loss and litigation.
(00:18:36) Leadership During Crisis
How to lead a team and maintain culture during chaos, and the personal toll of business crises.
(00:20:20) The Value of Mastermind Groups
How mastermind groups provided support, advice, and a sounding board during difficult times.
(00:22:21) Radical Transparency with Investors
Describing the process of communicating the crisis to investors, holding town halls, and maintaining trust.
(00:23:13) Lessons from Chaos and Growth
How moments of chaos build strength, structure, and authenticity in leadership and business.
(00:24:12) The Importance of Asking for Help
Encouragement to utilize support networks and not hide problems out of embarrassment.
(00:25:17) Advice on Co-Founder Relationships
Bill’s perspective on partnerships, the importance of planning for exits, and treating partnerships like potential divorces.
(00:26:34) Structuring Partnerships for the Future
Advice on setting up agreements and processes to handle life changes and business evolution.
(00:27:13) Final Advice for Future Founders
Bill’s key takeaways: don’t get discouraged, expect ups and downs, and be open and honest with all stakeholders.
(00:29:01) The Meaning of "Never in Reverse."
Bill explains his interpretation: facing consequences, making tough calls, and learning from failure.
(00:29:32) Closing Remarks
Host wraps up with final thoughts on partnership resilience, learning from failure, and thanks to Bill.
=====================================
FOLLOW & LEARN MORE ABOUT Bill Fairman:
=====================================
► Instagram: https://www.instagram.com/bill.fairman.5/?hl=e
► Facebook: https://www.facebook.com/bill.fairman.5
► LinkedIn: https://www.linkedin.com/in/bfairmancarolinahardmoney/
► website: https://carolina.fund/accredited-investor
==========
FOLLOW US
==========
► YouTube: https://www.youtube.com/@NeverInReverse
► Spotify: https://open.spotify.com/show/39zLUYtDfBDVkbeLAVuTcI
► Apple Podcasts: https://podcasts.apple.com/us/podcast/never-in-reverse/id1756324120
► Amazon Music https://music.amazon.com/podcasts/01bdb6c8-fbc3-47c8-b47f-c1f640360356/never-in-reverse.
=================
CONNECT WITH US:
=================
► Instagram: https://www.instagram.com/neverinreverse/
► X (Formerly Twitter): https://x.com/neverinreverse
► Facebook: https://www.facebook.com/neverinreverse
► TikTok https://www.tiktok.com/@neverinreverse1?_t=8rbZo6eWaJq&_r=1
► Website: https://neverinreverse.com/
Don’t forget to like, comment, and subscribe