The Final Word on Business Partnerships
Chatting with Madeleine Shaw, Alexandra Samuel, and Danielle LaPorte – three local entrepreneurs who know the ins and outs of business partnerships.
If there's one thing I learned, writing our book, The Boss of You, it's that I have opinions and knowledge about running a business gleaned from my years of experience – and that there are hoards of other folks full of business wisdom, too.
So for my final installment on business partnerships, I reached out to some smart B.C. businesswomen for their thoughts. Below are three Q&As.
Madeleine Shaw
Owner and founder of Lunapads International Products, a thriving Vancouver business dedicated to helping women have happier healthier periods. Lunapads' product design was recently featured in Fast Companies list of Sustainable Product Designs for the Future.
What's the biggest bonus to having a business partner, as opposed to running the show by yourself?
A: It sounds so obvious, but not having to make every big decision by myself. We make better decisions together, and I don't have to do things that I am not good at or are outside of my experience. Being deeply connected with someone else who has as much of an interest (and as much at stake!) as you do, to do everything from bounce ideas around to sign off on loans and choose investors.
What words of wisdom would you give to anyone entering a new business partnership?
A: That it's like a marriage or other significant relationship; in other words, not to be undertaken lightly or with someone who you do not trust absolutely. That said, obviously it may not work out despite your best intentions, but I think that if the right kind of feeling is there for both of you, then trust that and go for it. The payoff can be huge. Give each other space to shine in your own ways, create safety around not always agreeing, show appreciation for them.
You didn't start with a business partner. Why did you make the decision to bring one on?
A: For many years people said to me, "You should find a business partner," which used to irritate me to no end. Gee whiz, sounds great, would that be under "B" or "P" in the Yellow Pages?
Back to the marriage/relationship analogy: if it was easy to meet the right person, why would we need dating services? While I had recognized the wisdom of the idea of taking on a business partner, I didn't seriously consider it until I got to know Suzanne. I still remember telling my husband about her; that I had finally found someone I could imagine working with – different enough in terms of skills and experience, but very much on the same page in terms of values and mission. I have not had a moment's regret.
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