Be Your Best Boss by William R. Seagraves

Author:William R. Seagraves
Language: eng
Format: epub
Publisher: Penguin Publishing Group
Published: 2016-01-20T00:00:00+00:00

PARTNERSHIP WITH A FRIEND

Although conventional wisdom holds that one shouldn’t mix money and friendship, this is, in fact, the exact nature of the partnership that has worked out the best for Michael Schaul. When he took on his best friend, Jeff Briggs, as his next business partner, Michael knew the character of his partner very well—his personality, work ethic, and how much time he put into other endeavors.

Michael, Jeff, and their wives met in Wisconsin, where their kids went to school together. When the Schauls moved to Dallas to buy a USA Baby franchise, Michael brought on Jeff as a partner—first for one store, and then for the whole business, which was worth $8 million within four years. They ended up selling off the business in 2014, in what Michael calls “a very successful liquidation sale,” after the market became saturated with baby products. Jeff jumped out of the business in 2012, soon after the first two of their nine stores were liquidated.

“My wife said we should never have brought Jeff and his family down to Dallas since the business didn’t work out,” says Michael. “But if you ask them, they are so happy they did it. They moved from small-town Wisconsin to a thriving city, the kids got great schools,” and Jeff and Michael remain best friends. Today Jeff is thriving as a Smoothie King franchise owner in the Dallas area, Michael as a master franchisee for Maid Right in Frisco, Texas.

Friend or stranger, Michael stresses that “a business partnership is like a marriage: it’s a long-term commitment.” You should treat the start of a partnership as seriously and carefully as you would a marriage proposal.

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