Retailers Forum Magazine April 2021 EMAG

FORUM WORKSHOP
forumworkshop
Starting Your Own
STARTING YOUR OWN
BUSINESS
Business
A Return To
The Family Farm
PARTNERSHIP
As discussed previously, an invaluable employee
(in your estimation, not theirs)
should be made a partner. The same loyalty
exists between members of a family when they
all know that they will share equally in the fruits
of their labor. Other employees expect (or
quickly learn) that the owner will benefit more
from success because the owner takes the
risks and invests the capital. When the risks
and investment (either in dollars or in time) are
invested by members of a family, a business
gains a longer incubation period, especially if
the children live in their parentsʼ house. Theyʼll
need less income to meet their needs if they
arenʼt paying rent or house payments.
Jay and Sheri Jensen plan to retire in eight
years, when their eldest son, now fifteen, is old
enough and “ready to buy them out.” They say
while their children often complain about their
jobs, they complain louder when their parents
suggest hiring an outsider to operate the quilting
machine. And while fall is a busy time for
Jay – the many shows he travels to in nine
western states keep him away from home for
several months – the family has
found that working at home has
made them very close and given
them ample time to do things together
as a family; things that
Jayʼs former job did not accommodate.
If the parents and offspring are
all adults – living independently
of one another – the dynamics
change.
The relationship, like any partnership,
is subject to the changing
needs and expectations of all
adults. You and your partner must
agree as to the type of business
you will start, and you must agree what each
personʼs responsibilities will be. These duties
should never overlap. Agree to let each person
have the final say over his or her area of responsibility.
Discussion, as in all business relationships,
is vital, Everyone should share
information, but let the bookkeeper keep the
books.
Marge (Marguerite) Grossi has been involved
with the wedding business for more than thirty
years. She started as a seamstress in a shop in
upstate New York. She worked her way up into
a sales position and received formal training as
a bridal consultant.
continued...
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