Sender: Rachel M
From: Broadbeach, QLD
Hi, I just wanted to write in to say how much I enjoyed your Success interview with Lisa Hughes and Kristine Morgan. I felt quite envious reading it, but also very inspired. Those two sound like they’re having so much fun dual-managing a business together.
I’ve already experienced one failed business, due to complications trying to manage it with a friend. I’m very sad to say the friendship deteriorated during that time, too. In retrospect – this happened four years ago – we probably approached it too much like friends collaborating on a hobby, as opposed to tackling it seriously with contracts, set roles, set hours etc.
It’s quite a difficult situation to tackle, though. Neither of us were shy about setting rules and goals for ourselves and the business, but we never put anything on paper and slowly, slowly we lost sight of the original plan. I felt I was doing way more hours than my partner, and she disagreed with the kind of marketing I wanted to do.
There are no regrets, because I definitely learnt a lot. I’m even hoping to try launching another business toward the end of 2010. I would love to know, though, if Lisa and Kristine have a contract in place to set out the rules for their business partnership? And, if so, is it something they just worked on together – or did they seek professional, legal advice?
And finally, best of luck to them. It’s always a gutsy move to launch your own business, and especially considering the risque nature of theirs! Way to go ladies; you’ve definitely inspired me to chase my business ownership dreams again.
Rachel.
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{ 1 comment… read it below or add one }
Hi Rachel,
Thank you for your comments and it’s great that you are feeling inspired to start a business again. Business partnerships are definately like a marriage at times. Having the same vision and and goals have worked for us, so when there is a difference of opinion, remembering why we started the business and where we want to go helps keeps us on track. Understanding our individual strengths and weakness , allows us to support one another.
We do have a partnership aggreement that is legal. We discussed what we wanted and thought carefully about issues that may crop up . We then had our lawyer include any other legals in it .
We hope this helps and wish you every success wiht your business.
Kris and Lisa