Page 0069

Page 68 MAY 2017 | RETAILERS FORUM MAGAZINE

forumworkshop

FORUM WORKSHOP

continued...

The partner you should look for is someone

who's a little older, experienced in the business

you're going into, and with enough money in

reserve to help you through that critical first

year. He will bring insight and a financial foundation

to the company. He will bring insight

and a financial foundation to the company. The

best partner, though, is the silent partner: the

individual who believes in you and your idea

enough to fund your retail dream, and sit back

and watch your success.

Whenever you take on a partner, there's

strength in numbers. Having two ambitious

skilled people at the helm of the store tends to

strengthen how it's perceived by the professional

community and public. It makes for a

whole greater than the sum of its parts. If you

decide to enter into a partnership, I strongly ad- vise you to work up a written agreement that

describes your relationship, what each partner

contributes to and expects from the arrangement, and

terms under which the partnership

might be dissolved to your mutual satisfaction.

TAP INTO YOUR

WORKING PARTNERSHIPS

The new realities of retailing dictate

you treat

your suppliers and

service providers as

partners in your business. Partners

work for

and with each other.

Consider them as potential sources for reducing

your need for working capital during the

start-up phase.�

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