BUSINESS PARTNER WALKS OUT FOR NO RHYME OR REASON. WHAT ARE YOUR OPTIONS?
What with the international economy in its current state, you would think that more small businesses would fail than ever before says, William D King. You need to look no further than the tales of woe filling our newspapers and television screens day after day. The numbers are grim – unemployment figures keep rising (and it isn’t just blue-collar workers who are feeling the crunch). Many of us know people whose own businesses have folded or are on very thin ice.
However, there is one sector of society that seems immune to this trend:
- Small business owners who operate food processing plants face some unique challenges, but so far, they seem to be weathering the storm much better than most of their peers. In fact, many of them seem to be thriving despite all odds. There is a good reason for this: The demand for food protein continues to grow at a steady pace year after year, and as long as people continue to eat, food companies will make money. In Canada alone, the fine and specialty foods market raked in more than $8 billion in revenue last year.
There seems to be a bright future ahead for those who know how to process and distribute the food we need.
As the economy continues to struggle, those of us who make our living by getting food on the table more affordably and conveniently than ever before, we should pay attention to what is going on right under our noses says William D King. How is it that a company can keep its doors open when all around it are closing? Are these small business owners just plain smarter or have they found a way to cash in on the crisis?
The answer may be simpler than you think: It’s most likely because their businesses are thriving. In fact, many food processors have been doing so well lately that they have expanded their operations by opening new plants or buying out smaller competitors. However, not everyone gets ahead during these hard times – some even lose everything they’ve worked for.
Like the proverbs that teach us ” If you want something done, you need to do it yourself,” or ” You can’t build a reputation on what you’re going to do,” we should also learn from those who have gone before us and heed their advice: Even though life may seem to be much easier when you decide to invest in a food processing business as a joint venture with your spouse or partner, there is one thing that makes working together so special: It’s hard enough to work side-by-side once you get past the novelty of having someone by your side – but if the two of you start out as friends, it can become even harder.
Still, if things continue as they are, there’s no reason to think that your business will fail right off the bat. After all, you’ve got plenty of ideas and lots of drive, but after all this time, you still need help. This is where it gets interesting.
All too often, when two or more people come together to start their own business, they fail to discuss issues like how much money each person is putting up (and the return on investment). Some don’t spell out how much work each individual will do (or who will get access to which accounts) until things get pretty heated later down the road – then it’s too late says William D King. Once it becomes obvious that something isn’t working out, both partners may just want to take off in opposite directions without stopping to think about what they can do to turn things around.
If there’s one thing I ‘ve learned from working with my spouse on food processing ventures over the years, it’s that you shouldn’t wait to talk about how important your business is to your relationship; and whether you want to set up a system for dealing with problems that will help keep the two of you on course. When it comes right down to it , there are many benefits to starting out together: You’ve already got someone who will always be supportive and understanding (even if they don’t know everything there is to know about what you do!); and if worse comes worst and one of you does decide to call it quits down the road.
After all, is said and done, there are lots of reasons that can be used to justify starting up a business with your spouse. After all, you’ve got someone.