Dear Miss Theologian,

My sister and I both like crafts and want to start a craft business together. But people keep telling me that the partnership is a bad idea. Do you have any thoughts on this?

The Older Sister

Dear Older Sister:

Yes, people are always approaching Ms. Theologian about business model questions. Happens all the time.

It’s not clear to me if people are saying that partnerships in general are a bad idea for you, or if a partnership with your sister is a bad idea. And really I’d like to know more about the relationship you have with your sister before advising. If, for example, your sister is the Devil, but she makes a mean quilt, perhaps you should think deeply about partnering with her.

In any case, I’d suggest that you ask yourself some key questions.

Here’s part A:

Do I love aspects of doing this business more than just about anything on Earth?
Am I willing to give up some nights, weekends, and holidays in order to do this?
Do I really want to do this?

If yes, you may move to part b. If no, stop the partnership talk, consider a sole proprietorship, and continue your day job.

And for Part B:

Do I trust my partner?
What will our roles be in the company?
How will we make decisions?
What are our short and long term goals for the company?
Under what conditions would the business partnership dissolve?
What conditions are necessary for the partnership to succeed?

Inc. Magazine has a good article about partnerships (and you thought I only read Tikkun!), but the content isn’t accessible on-line. You’ll have to buy the November issue. Their advice: Don’t. But because they are a practical magazine, they have some communication suggestions for those who continue: address issues immediately, be specific, listen, repeat, find a solution together, keep trying. They also think you should draft a buy-sell agreement.

On the other hand, I did just read an article about partnerships between sisters, Sistership proves powerful for some executive duos. I think if your relationship with your sister is one that allows for great communication and that you both accept who you are, your skills, your talents, your weaknesses, and don’t tread on each other’s toes, you’ll be fine.

Good luck,

Ms. Theologian

P.S. To write a work-related question to Ms. Theologian, send an email to ms dot theologian at gmail dot com.