Comments on: Partnerships

By: georgia

georgia — Wed, 06 Jul 2011 15:45:07 +0000

corrently in a partnership i find this very ineresting. my friend and i went into a partnership because we were both artist, her in graphics and me in textiles. we occupy a space with food, fashion and art. i am in control of the fashion which is paying all the bill and salaries. most time we go without. we are in our first year of business. my partner works indenpendently with her graphics, while my only soruce is the store. iam now manufacturing out of my basement to supply the store. our investment to start, was sowhat equal. she is a good friend, but not really a good business minded person. i decided to still occupy the space but seperate the store as my business.

By: Fashion Incubator» Business plans for funding are over-rated

Fashion Incubator» Business plans for funding are over-rated — Fri, 27 May 2011 22:08:10 +0000

[...] find investors for a clothing line pt.1 Investing in a clothing line Investing in a clothing line 2 Partnerships Why contractors won’t partner with you Factoring invoices: Financing a fashion line ADHD dump: [...]

By: Fashion Incubator» Investing in a clothing line

Fashion Incubator» Investing in a clothing line — Fri, 27 May 2011 21:49:13 +0000

[...] entries: Partnerships How to find investors for a clothing line addthis_pub = [...]

By: jasmine

jasmine — Sun, 04 Mar 2007 16:28:38 +0000

Interesting conversation! I have had a partnership now for over 3 years, and I would call it successful. We are both DE’s who started a boutique to carry our lines, as well as other DE’s lines. We knew nothing of the boutique world, and have learned much along the way.

We started out as 50/50 partners and friends. Over time, it became clear that I was the leading force and initiator. We spent a little time with the feelings that this created (for me, resentment and irritiation at “doing it all”, and her a sense of being less than, and confusion at why I felt that way) being held inside. I realized this wasn’t good, and had a heart to heart with her, which turned out amazingly well. I detailed all the things each of us did, and it became clear that the partnership was no longer even. We did not start out with any clear job descriptions – I’ll never do that again! Nonetheless, the descriptions were created, and our partnership changed to 70/30. I am blessed with our ability to communicate – without that we surely would have dissolved.

I am happier now that I know I am taking the lead, and she is happier not having as much responsibility, and doing the things that she does best. We are doing more than each of us could on our own, and are playing to our strengths. I know that this is rare, but just wanted to describe one way that it has worked.

I would enter a partnership again, but with much more clearly defined roles to start with, and would take it much less lightly than I did the first time! When all is right, the power of two is much greater than one plus one.

I will say, however, that I would NOT take a partner in my design business! The creative process and my own strong opinions would not be up for debate and compromise. Better to hire out the work to accountants and contractors!

By: marina

marina — Sun, 04 Mar 2007 13:49:06 +0000

This is very sad. I do hope these girls can sort things out well on both sides. There are lots of clues here. ‘a crossroads in our careers’ rang loud bells with me. A business is a career, and changing jobs is very hard and stressful. I did that 3 years ago, – I went from stay at home mum with a little part time job to trying to get back into the job market after more than 20 years. I needed a fulltime income, so starting up myself was not an option. Anyway, this girl has given clues, she didn’t feel the show was the right place for them and she didn’t like it. She needs to be drawn out. Was she looking for the warm and fuzzy too?
Perhaps independent careers advice is a better option.
Above all, be generous and gracious and keep your dignity. Let everyone keep face as well.
Does it always have to be a partnership? If you need skills you can buy them in. Isn’t that what contractors are?
Every group or organisation needs the sort of nit-picky, t crossing person that double checks the figures and brings you down to earth. They are not usually the first person you’d choose to partner with. The more ‘artsy’ and impulsive you are, the more you need them – though the more you probably think you don’t! [I actually married mine!] My husband had his own business 20 years ago and was often asked ‘why don’t you get a partner?’ He is in the motor trade and didn’t trust anyone else enough to work to the same standard, we had a trainee, but his work was monitored.
Sorry to waffle, but this is a very good thread and I’m sure will interest a lot of DE’s
Marina

By: J C Sprowls

J C Sprowls — Sat, 03 Mar 2007 01:53:49 +0000

Karen C said:

each day I just keep getting closer, doing it all by myself. And I have the added benefit of only having to answer to my clients

You’ve pretty much summed up my opinion on partnerships and publicly-traded companies in two breaths.

Small businesses (esp sole proprietors) are in the most responsive position as their customers are typically right in front of them. The recent trend of publicly-traded companies has been to focus on the P&L statement before (or, instead of) anything else – they typically forget that a consumer exists.

Partnerships, in my opinion, are a distraction unless the partners have different skill sets and clearly defined accountabilities to the business. However, if the business is to survive, one partner must be named the senior so tie-breaking decisions can be made. Otherwise, it’s just a very expensive game of clubhouse

I had a business partner, once, many moons ago. A very nice fellow; but, not a businessman. He worked for me and presented an idea that was viable. He originally pitched it as a sweat equity proposition; but, I made him put up a small amount of hard cash and issued a stock certificate for his investment in that line of business – for 5X his cash, I might add…

His interest (and, likewise, his involvement) with that enterprise waned and his performance became unpredictable. Eventually, I was forced to ask where he felt the business should go. He suggested that we dissolve it. Because of the foresight, it was a simple accounting transaction to buy out his investment.

The next week, my staff and I showed up at the client site and resumed business under a new brand, a new contract, and a different menu. No muss, no fuss… and, best: no downtime or discernible traces!

By: Kathleen

Kathleen — Fri, 02 Mar 2007 23:30:24 +0000

Is there any data on twin partnerships? Specifically one twin dying from being stabbed in the back by the other twin I wouldn't risk it Josh -or is it really Jess? Judging from history, you guys can't tell yourselves apart and with your luck, you'd end up stabbing yourself :).

By: Karen C.

Karen C. — Fri, 02 Mar 2007 23:14:06 +0000

Interesting and thought-provoking post, Kathleen. I see it from both sides. After having two previous legal partnerships (marriage), I really have no desire to be legally connected to another. However, as a DE who is getting very weary of working a full-time day gig and then working (almost) full-time starting my apparel business, a partner, at times, sounds dreamy. Someone who could help me with all of the day-to-day admin stuff. But each day I just keep getting closer, doing it all by myself. And I have the added benefit of only having to answer to my clients.

By: Josh

Josh — Fri, 02 Mar 2007 23:09:11 +0000

Is there any data on twin partnerships? Specifically one twin dying from being stabbed in the back by the other twin with scissors or choked with a yard of chiffon because of major differences? : ) lol I kid, I kid.

By: Andrea

Andrea — Fri, 02 Mar 2007 22:46:46 +0000

I Think partnerships can be a great thing, but warm and fuzzy should never be a mitigating factor in your choice. You make partnerships for the sake of the business and not the sake of fulfilling an emotional need. I have a business partner for my marketing business for certain activities…so you might call him a limited partner. When we agreed to be partners we also agreed on who would do what and we respect eachother’s expertise and professional boundaries…which, BTW are different and complimentary. His presence in my/our company allows me to offer more to my clients than I would otherwise. The partnership makes sense.

I would never advocate a partnership wherein either party has the same skillset and/or responsibilities. It sounds like the people in the aforementioned partnership didn’t decide on who would do what and so there was no foundation for the partnership to rest on. It’s a lot easier to tell when someone isn’t holding up their part of the bargain if you know their job description and hold eachother accountable.

Also, as a general businss aside, you are not your business…you are an employee of your business. That distinction can be hard for DE’s because we are driven by passion against all odds…or so it seems most often, so we anthropomorphize our businesses and treat them like a living breathing thing. This also makes it hard to make clear decisions about who we work with . The business dictates what it needs, not what you want. Persoal fulfillment is a symptom of a great business, not the reason for a business.

Best,

Andrea