Episode 59: The 6 Secrets to a Successful Business Partnership
The 6 Secrets to a Successful Business Partnership
August 15th marks our 14th year together as Kandrac & Kole. It has been quite a journey and similar to that of a marriage and raising a child! We’ve learned and grown so much in these 14 years and even though there have been some ups and downs, seriously we are luck to say there have been very few downs, it has been a great adventure.
Several business owners have shared that they wish they could find someone to share their business with and always ask us what makes it work.
1. HAVE MUTUAL RESPECT FOR EACH OTHER
A. Understand the strengths and weaknesses each has
B. Build each other up
C. Forgive mistakes (we ALL make them)
D. Appreciate each other
E. Share responsibility equally
2. STRUCTURE
A. A business lawyer to structure/contract
B. Accounting
C. Buy/Sell Agreement –A formal agreement that defines exit strategy and ownership succession plans between co-owners of a business.
D. Life Insurance
3. BE FLEXIBLE
A. Keep open minds
B. Give and take
C. Negotiate when needed
D. A bad mood is only “temporary”
4. BE SUPPORTIVE – COMPLIMENT EACH OTHER
A. Honor personal needs and time
B. Pick up the slack when needed
C. Encourage each other – business and personal
D. Remember, you’re on the same team
5. BE HONEST – IDENTIFY STRENGTHS AND WEAKNESSES
A. This can be uncomfortable at times but voice a frustration or uneasiness
B. Talk it through
C. Move on from a disagreement
6. HAVE A SENSE OF HUMOR
A. It’s not cancer, It’s only interior design
B. Laugh at your mistakes
C. Have fun
We feel infinitely blessed to be living our passion. A big thanks to the outstanding people we work with, the service from our vendors, the clients who allow us to work in their homes, the brilliant design industry we are fortunate to be a part of, Amy and Lisa, our office mates who do such a great job for us and keep Kandrac & Kole running smoothly, and most important of all, to our husbands who are our biggest supporters!!
