Friends can make great business partners — or destroy your work life balance

 

 

One day I visited a friend at her children’s clothing shop. The merchandise was displayed nicely, the store had customers, but my friend was furious. “What’s wrong?” I asked. “My partner went home early again,” she grumbled.

It wasn’t long after that my friend closed the shop and the friendship with her partner disintegrated. The two mothers both wanted flexibility, but one used it way too often at the detriment of the business, the partnership and the friendship.

Most of us want to help out our friends. Most of us also want to keep our businesses afloat once we start them. Sometimes, the two are in conflict. I am in a business partnership with a friend and about to enter another with a friend/acquaintance. I've noticed in my first partnership, I carry more of the weight. So, I'm being very careful with my second partnership.

Today, people are starting businesses in droves, aspiring to be their own boss and have the flexibility they crave. But, as I noted in my Miami Herald column today, when you go into business with friends, more than just financial rewards are at stake, and increasing work-life issues are at the crux of conflicts.

How many hours are each of you going to work? If you have flexibility, what does that look like? Are you going to split the responsibilities and the profits 50-50? There are so many questions to be answered before the business even gets started.
 
In asking around for advice, I've been warned by people in partnerships and by my attorney friends to make sure I have a written agreement in place. I thought about that when I spoke to Neydy Gomez and Claudia Machado who told me they spent about three months putting together a partnership agreement for their new business, Zaniac Miami. They told me the process of writing an agreement brought up all kinds of scenarios they hadn't really thought about. Both moms have young children and want to spend time with them. They also want their afterschool enrichment program to be successful. That means figuring out a way to make sure they both get their work life needs met.
 
New zaniac
(Neydy Gomez and Claudia Machado, owners of Zaniac Miami)
 
One of the nice things about going into business with a friend is that the person is usually someone you trust and can rely on. That can be important when you have a personal crisis and need someone to pitch in or "get your back" in your business. Dana Rhoden of The Dana Agency likened a successful partnership a successful marriage: "there's a lot of give and take and ongoing communication."
 
Dana also imparted this wisdom which she learned from a prior partnership that has since been dissolved: “A best friend doesn’t always make a great roommate, and all friendships don’t transfer into good business partnerships.”

 

 
Cynthia
Dana Rhoden (left) and her new business partner Cynthia Demos (right)
 
 
 

The Work/Life Balancing Act

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1 Comment

  1. keithmcevoy March 31, 2016 at 7:39 am

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