Chapter 13
Partnerships
Essential Idea: Find a Partner Who Has the Money You Do Not
Marty and Phil met soon after college while both were working at a furniture store. Phil sold carpet and Marty handled advertising. They hit it off famously and before long started talking about going into business together. Marty had always dreamed of being an entrepreneur and Phil learned that he did not like working for someone else. Before long, they scraped together a little money, rented a 900-square-foot space, and opened their own carpet store, their dream.
They were a great team. Phil knew carpet, and Dad, I mean Marty, knew marketing, and before long, that one store multiplied, becoming two, then four, and then eight. At that point, they opened a beautiful, big new store that they made their headquarters. Marty and Phil shared one large office because, well, they were partners and liked working together.
As the years went by, they grew the chain to 17 stores. They made a good living, but also found that, after many years together, they did not see eye to eye that much any longer. Marty had become more manager than entrepreneur and did not like that. Phil had his own gripes. They grew weary of one another.
After many great years together, the partners decided that one of them had to go. After much bickering, my dad eventually sold his share of the business to Phil and used the proceeds to open a single, giant carpet warehouse where he was the only boss and entrepreneur. He loved that. ...
