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Joan Jerkovich “Your” Life Coach~Friend as Business Partner?

Joan Jerkovich “Your” Life Coach~Friend as Business Partner?

I’ve started a new home business and it has finally started to take off to where I can’t keep up with filling orders.  My good friend has been looking for work and has proposed the idea of us going in to partnership together.  I’ve already laid a lot of the groundwork for the business and am not sure about taking on a partner versus hiring an employee.  I’m also not sure about working with a friend.  What do I need to consider here? First, list all the things you need help with.  If the primary thing you need help with is to fill orders, this is not the job of a business partner; this is the job of an employee.  If you would like to subspecialize within your business, then you may want to consider bringing on a partner.  The business partnerships that work the best are the ones that compliment each other, such as, you like managing the production and distribution side of things and your partner likes managing the administrative and sales side of the business. That said, you should carefully consider how your two personalities mesh.  A business partnership is akin to a marriage in the complexity and commitment it takes to keep it running smoothly.  Also, a true business partnership takes both of you having some “skin in the game”, meaning, you both invest capital monies toward expenses, equipment etc.  I’ve had more than one person want to “partner” with me in business that had no intention of bringing any money to the table; and they wanted to take home a regular paycheck to boot!  I call those people employees, not partners.  Finally, if you do go in to partnership with your good friend, be prepared to lose the friendship if things go sour.  It can

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Joan Jerkovich “Your” Life Coach: Sold business, now what?

Joan Jerkovich "Your" Life Coach: Sold business, now what?

For 20 years I ran a successful bakery working long days.  I sold it a few months ago and tried retirement, but found I am happier having something to do every day.  I don’t need the money because I made a lot in the sale of my business, but just to keep busy I now work at a Deli.  This isn’t what I really want to be doing but how do I decide what is?  I’m also single with no commitments. Running your own business is a bigger time commitment than most people realize.  I hear in your question how you are used to the routine of working long hours, and with this sale your daily routine has changed.  When something, like running a business, is all-encompasing in your life, it leaves little time for nurturing other interests.  This is the familiar grumble heard by wives whose husbands retire only to spend too much time hanging around the house with nothing to do.  We all know those who end up returning to work or in another job. Oh, but what an opportunity, especially since you have money, to do whatever your heart desires!  To do those things you’ve always dreamed of, to take those trips or even start a little hobby business (once a businessperson always a businessperson).  I know it sounds crazy, but sometimes when there is nothing to limit your choices (money, relationships), narrowing down what you want to do next can be challenging.  First, let yourself relax in to your new lifestyle, your new routine.  It will take time for you to adjust to slowing down from the frenetic pace of the bakery.  Take time to reflect on your future desires.  Find a place or activity (some people think best while doing menial chores) that allows for inner

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