AMAZINGALLIANCES
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Building Success in the Company of Women
Partnership Issue
$3.50 WINTER 2012
THE GOOD, THE BAD AND
THE REALITY
SALESARE YOU TRYING TO RIDE A TEETER–TOTTER BY YOURSELF?
TERESA DE GROSBOIS A LEADING COLLABORATOR
Meet
TERESA DE GROSBOISA LEADING COLLABORATOR
Unlocking The ValueOf Your Business
www.cibcwoodgundy.com/jeanette_power
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Jeanette Power, EPC, CDFAVice-President, Investment Advisor
One City Centre Drive, Suite 1100Mississauga, ON905 804-2240 • 1 800 [email protected]
You may know what your business is worth on paper, but how do you unlock its truevalue when you are ready to retire?
By taking a proactive approach now, you can plan for a comfortable retirement andthe successful transition of your business — on your terms.
Jeanette Power, Investment Advisor at CIBC Wood Gundy can show you how to getthe most from what you’ve invested in your business.
CIBC Wood Gundy is a division of CIBC World Markets Inc., a subsidiary of Canadian Imperial Bank of Commerce and Member CIPF.
WINTER 2012 3
contentsWINTER 2012 • PARTNERSHIPS
Editor and Publisher Anne Day
Art blazing THE AGENCY
Advertising Daina Makinson
Issue Contributors Anne Day Sarah Deol Ann Douglas Kim Duke Sue Edwards Peggy Grall Daina Makinson Margot Matheson Marta Nowinska Anne Peace Eva Sachs Tanya Walker
Copy EditorLinda Gregg-Stulberg
Printing Lazer Graphics
Company is published twice a year by Company of Women, with issues available in September and February.
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4 ] EDITORIALIn My Words
7 ] UP CLOSE & PERSONALMeet Teresa De GrosboisIt Takes a VillageBy Anne Day
9 ] RELATIONSHIPSDoes Your Ego or Essence Drive You?By Anne Peace
11 ] MONEYAre You Financially Prepared For Divorce?By Eva Sachs
13 ] REAL LIFE: REAL WORKAmazing AlliancesBy Sue Edwards
15 ] START-UPThe Good, The Bad and The RealityBy Daina Makinson
16 ] ASK THE EXPERT
17 ] MENTORIINGSeeds of HopeBy Margo Matheson
19 ] TURNING POINTRedefining Success on Her Own TermsBy Ann Douglas
21 ] FINANCESSwapreneurs: The Collaborative Power of BarterBy Marta Nowinska
23 ] SALESAre You Trying to Ride a Teeter-Totter By Yourself?By Kim Duke
24 ] PARTNERSHIPSDate FirstBy Anne Day
26 ] LEGALThe Partnership AgreementBy Sarah Deol and Tanya Walker
28 ] CHANGE BYTESI Am a RockBy Peggy Grall
29 ] ALLIANCES
30 ] FINAL WORDMen Don’t Ask For DirectionsBy Anne Day
13
19
4 WINTER 2012
EDITORIAL
Our theme for this issue is partnerships and collaboration. In her book Let’s Go Into Business
Together, Azriela Jaffe compares partnerships to marriage, and how at the beginning honeymoon stage we often ignore signs of incompatibility just because we want it to work out. As for myself, I’ve had mixed results in the partnership department, but like the thrice-divorced, I am not jaded and still believe you can make them work… well, most of the time. Anne Peace looks at the subject from the relationship perspective and how our ego can get in the way. Likewise, Peggy Grall observes that our egos can undermine the benefits of mastermind groups which, when everyone is willing to collaborate, can truly drive your business to a higher place. Similarly, having a mentor can take you to a different level, as you will learn from Margot Matheson. And Sue Edwards gives us advice on alliances and how to make them not only work , but work well. A warm welcome to Tanya Walker and Sarah Deol, who provide the nuts and bolts of a legal partnership agreement. Eva Sachs shares some financial information on what to look out for when your partnership with your spouse ends. As a new entrepreneur, Daina Makinson is still navigating the different routes to partnerships, and while she got lost momentarily, she is back on track with a firmer idea of what she wants and needs from such a relationship. And Ann Douglas profiles Alexandria Thom Durrell, who had the courage to put the brakes on her business and change direction.
Just as when we were children, Kim Duke advocates the benefits of partnering up, and compares the outcome to trying to play on a teeter-totter on your own: if you don’t move, you will end up stuck. We’ve also included some real-life stories from within Company of Women, as well as a few tips on making partnerships work. In this economy, one option is to barter services, which is a free way to partner with another business/service. The key here, as Marta Nowinska points out, is that both parties need to value and want what the other has to offer. And at the Evolutionary Business Council, Teresa de Grosbois taps into the giving spirit of like-minded entrepreneurs. It is ironic that our theme should be about partnerships, because the production of this issue has been a true example of partnership, with advertisers helping to cover printing costs, and writers donating their time to share their expertise with you. But our special gratitude goes to Michele Bailey and her team at blazing THE AGENCY for donating their expertise and talents to the layout and design of the magazine. Without their support, you would not be reading this issue of Company today. But we need your help too. We’re looking for more partners, because without them we cannot publish Company. So if you value this mighty little magazine, help us continue. Purchase an advertisement, or copies for your clients… every contribution helps. We’ve been going strong for four years now – help us make it five. – ANNE DAY
In myy
words
WINTER 2012 5
We want to hear from you. Send us your feedback – email [email protected]
LESSONS LEARNED
Lessons learned are invaluable, and your fall issue offers several. It is an amazing compilation of relevant points of view. Congratulations to all in choosing change, transition and growth as the focal point for the issue. Not only is it important to acknowledge the quality of writing, but also the authors themselves, and their willingness to share their experiences with us. It is in this act of sharing that we find the courage and the grace that are essential to success, both personally and professionally. As a coach, I found advice in every article to share with my clients, youth entrepreneurs, and mompreneurs. Thank you.Jean Chow, Business Coach, Toronto
INSPIRING READ
Every quarter, our GoodLife Fitness Club for Women in downtown Toronto receives a package of your wonderful publication, Company. Our members really enjoy it – they devour each issue! Company is an informative and inspira-tional quick read. I often find our members sitting in the lounge before or after a work-out and reading your little magazine. The other day, I saw a member take a copy into the Body Pump class because she hadn’t finished reading her issue and the class was starting! I just want to send you a note to thank you. The fall “Transition issue” was great. I enjoyed reading about women the likes of Peggy Grall and Daina Makinson, who were able to overcome huge challenges in their lives.Donna Cohen, GoodLife Fitness for Women, Toronto
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UP CLOSE & PERSONALMeet
TERESA DE GROSBOISIT TAKES A VILLAGEBY ANNE DAY
Growing up the youngest of nine had a huge impact on Teresa de Grosbois. “While I came from
a loving family, I always felt invisible – that I wasn’t big enough to get noticed. Typically, my siblings didn’t want me to tag along.” As a result, for years she had this inner dialogue playing in her head that she wouldn’t amount to much – that she didn’t matter. But she wore her mask well, and to counter her feelings of inadequacy, she got herself on the leadership track, became an overachiever earning a six-figure income in her early career. It was almost as if she needed to prove to herself that she could do it. Then she hit rock bottom. In the space of six months her father died, her marriage broke down, the business she ran on the side of renovating and flipping houses failed, and her health fell apart – all telling her that something was wrong. “I realized that I was the one in need of renovation. I wasn’t being myself.” The mask was shattered. Taking herself off the fast track, Teresa spent her time reflecting on who she was and what she wanted out of life.
“I recognized that I needed to love myself first.” Wanting to leave a legacy, Teresa started an educational foundation to help children in Africa and wrote three children’s books to raise funds. The books became best-sellers in eight months, and Teresa observed first-hand the power of word of mouth marketing.
She went to Tanzania and worked with local business owners to help them build successful businesses. “Africa feeds my soul,” she shares, and she plans to visit Lagos, Nigeria, in the near future. Back in Canada, she founded the Evolutionary Business Council, bringing together business professionals who are thought leaders and who share her passion for making a difference in the world. While each member has different goals, different businesses, there is a common thread that ties them all together: they are passionate about helping others live happy, successful lives. A seemingly lofty goal but, as Teresa says, “While playing big is scary, in reality it is so much easier than staying small.” It is a reciprocal group, one that supports and gets behind the different causes >
8 WINTER 2012
its members are involved in. “It takes courage to stand up and face big problems, but we’ve found people care and the energy comes in droves when you are passionate and believe in what you are doing.” The first step, advises Teresa, in working collaboratively with others is to be the first to give, and to give generously. Building trust in the relationship is key. “The biggest mistake people make is to make a premature ask of the other person, before the foundational pieces are in place.” Such a move takes away credibility and, as Teresa says, there is a really nice energy when the give and take flows naturally. “There also needs to be an authentic level of conversation between you,” she adds. Building on her own success with
word-of-mouth marketing, Teresa now teaches others how it is done and spends much of her time travelling, speaking at conferences and coaching others. No longer is she wearing a mask. No longer does she question her value or her contribution to the world. Because she’s discovered she has a voice, she has something important to say, and people are listening. •
Two Blonds & a Brunette Gift Co.,York Region, ON
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Teresa appears on Morning News
WINTER 2012 9
RELATIONSHIPSDoes your
egoor
essencedrive you?
Last week, I experienced a moment of confusion when a woman described her “partnership”
with another woman. I knew about her business partnership, but did she mean her romantic partner? That was when I realized that the term “partnership” has changed. When I was younger, it always had to do with business. Now I hear many couples introducing their loved one as their partner. I am seeing “partnership” as interchangeable with “relationship.” My role in this magazine is to talk about relationships. Relationships are what I am all about – and always have been. As a child, I was intuitively mesmerized as I watched the faces of my parents as they interacted, knowing that often what they were saying was not what they were feeling. I agonized over conflict and mixed messages that were unspoken
and spoken, and I spent lots of energy trying to make life better. I felt elation when love and co-operation were in the room and expressed by the people around me. And, as life would have it, I have experienced many partnerships, both professionally and personally, both successful and unsuccessful. I have been a student of partnerships my whole life. Living my life has been my teacher. So, what can I tell you I have learned? I believe that it is our ability to make connections that makes us great. It is the absence of meaningful connections that feeds loneliness, depression and isolation. And I do know that the presence of ego in a relationship can be the death of it. Barbara Marx Hubbard explains that when you act from ego, you are disconnected, self-centred and dominating. You actually become the >
BY ANNE PEACE
10 WINTER 2012
problem. Because you believe that you are saving others, that belief diminishes others, and they end up feeling inadequate. She asks us to shift from ego to essence. Essence is when you are being true to yourself, and it has a ripple effect on the people in your life. You are deeply turned on to and tuned into helping others find their essence. You can go from “depressed to expressed.” When Maslow studied people who were “self-actualized,” he observed that they feel joy in the expression of their work. They also find one other person with whom they can co-create. Hubbard calls this “vocational arousal” (and who doesn’t want a little of that?). She encourages us to find another person who can appreciate who we are. With that person we can co-create – professionally and personally. I know that making that shift from ego to essence – some days are better than others – has allowed my higher wisdom to come through. And doing so is supporting my healthy partnership with myself and with others. •
Anne Peace helps people find their joy, passion and purpose in life. Email her at [email protected]. Check out her new blog: www.peopleatpeace.wordpress.com
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WINTER 2012 11
MONEY
“Why didn’t I pay more attention to our family
finances?”I frequently hear this from women who find themselves facing divorce. This is the time for women to start to make constructive and knowledgeable decisions about their money and their future. It’s never too late to get started. Here are some steps you can take to get financially prepared for your divorce. (Frankly, it’s good advice even if you aren’t facing divorce.)
Pay attention to the household finances. Attend meetings with insurance agents, accountants, financial planners and lawyers. Look over monthly bank statements and credit card bills. Ask about your husband’s company benefits, including bonuses, other “perks,” company pensions, and other savings
plans, etc. Keep a list of all bank and brokerage accounts and insurance policies.
Don’t lose your financial identity. You always want to maintain your own credit identity. Check if your credit cards are in your own name or if you are simply an authorized user, as a lack of credit history can work against you. You should have three bank accounts (his, hers and ours), and maintain separate credit cards.
Keep your skills fresh. While you might welcome the chance to stay home with your kids, the longer you’re out of the work force, the harder it can be to jump back in. Women often face lowball wages or lower job titles when they try to return to work after a long hiatus.
Save for retirement. Many married women don’t make retirement saving a priority. If her husband is the primary wage earner, >
Are you financially prepared for divorce?
BY EVA SACHS
12 WINTER 2012
a wife often trusts her spouse to save enough for their collective golden years. A woman spending her retirement savings (sometime all on legal fees) is particularly distressing, considering that women, on average, live six years longer than men.
Get financial guidance. When women are going through a divorce, they need to determine which assets will help them pay their bills and reach their long-term goals. Too many women fight for the home to avoid uprooting their children, only to find that they don’t have the cash flow to pay for it.
Divorce is not only the end of a marriage, it is also the breakup of an economic unit. Financial awareness will go a long way toward helping you feel more in control, and better equipped to make reasoned decisions. •
Eva Sachs, CFP, CDFA, is a Certified Divorce Financial Analyst and founder of Women in Divorce Financial
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WINTER 2012 13
REAL LIFE: REAL WORK
Raise your hand if one of the joys of running your own business is having a sense of accountability
to yourself and NOT having to “answer” to a boss. I’m counting plenty of hands. Now, raise your hand if being accountable to “just you” is ironically one of the biggest challenges of running your own business. If you still have your hand up, then we have a lot in common. My business is now over 15 years old, and while I LOVE being a solopreneur, I’ve learned that this does not have to mean living on an isolated island. I’ve found that having alliances with other individuals and small businesses provides amazing advantages. Consider whether any of these might apply to you:
• It fosters accountability. Through alliances, I leverage my sense of responsibility to others to help me create accountability for actions that support my own business.
• Offers a natural sales force. Alliance partners become a source of referral for new business in a genuine and heartfelt way.
• Fuels energy. Helping to impact the success of my alliance partners provides motivation and energy for my work.
• Provides connectivity. Partnering with others in ongoing relationships gives a sense of community. >
Amazing AlliancesBY SUE EDWARDS
14 WINTER 2012
To fosters accountability. Does updating your own website keep falling to the bottom of your list of priorities? For many women, doing things for others is a more powerful pull than doing things for ourselves and our own business. So I say, leverage the heck out of your sense of service to others, but do it in a purposeful way. In the start-up years for my business, I noticed that it was challenging for me to put “writing articles for my website” at the top of my to-do list. Responsibilities for others took precedence. Instead, I now develop articles for my alliance partners, which has resulted in content for my own site. A regular column for a recruitment firm evolved into a workbook for my clients. My commitment to Company of Women has me writing this column. After all, who can resist Anne Day?!Offers a natural sales force. Like many independents, much of my business comes from referrals. Because I specialize in coaching leaders who are moving into new roles, it has been valuable for me to have alliances with selected recruitment firms, assessment companies, leadership training firms and software companies who support the hiring process. For your business, look to teaming with a non-competitive partner who offers products or services to the same clients, customers and prospects you want to attract. For me, 30 percent of my ongoing business comes from relationships with specific and enduring alliance partners.Fuels energy. While I’m a highly results-focused person, I find that my energy grows exponentially when the effect of adding my services to the offering of
another business results in success for their business. It’s a double-whammy payoff at a powerfully intrinsic level. I relish contributing to the success of my alliance partners. Provides connectivity. I’m an introvert. On many days, I’m happy to work alone in my office. Yet, there’s an important source of inspiration and a sense of support that I get from lunch with an alliance partner who knows me well – or even a check-in call to see how our businesses are doing. It’s like having a built-in cheering section. How might you further enrich the alliance relationships you have for your business and create amazing results? •
Sue Edwards is president of Development by Design, a leadership coaching firm specializing in supporting leaders in new roles. Over her 15 years in business, she has grown her client base
through multiple alliances. She coaches selected entrepreneurs in establishing strategic alliances. www.development-by-design.com
I’ve found that having alliances with other individuals and small businesses provides amazing advantages.
WINTER 2012 15
START-UP
partnering with me, as long as it benefits them. Luckily I have not met many, but I am learning to recognize them. There’s the guy who spoke endlessly about his business while constantly looking over my shoulder to see whom he might be missing while talking to me. If I am ever in a police lineup, I want this man behind the mirror, because there is no way he is going to ID me – he has no idea what I look like! The harder ones to recognize are those who whisk you away with their brilliance. You think, “WOW, this is going to be an amazing partnership!” and then, WHAM, you are hit with the pitch: “It’s all about me, baby.” I don’t need people who think I should admire them just because they appear successful. And I don’t need them to tell me that if I don’t buy what they are selling, I have no chance of making it in the real world of commerce. I have enough obstacles in my way as it is. I can do without having to scrape myself up off the sidewalk each time I make the mistake of falling into a one-way partnership puddle. The reality is that as a new entrepreneur, being able to recognize, create and nurture good solid partnerships is important. I’ve already learned that I need to trust my gut instincts and hone my radar skills for detecting phony partnerships. This way, I can stay on the yellow brick road of courage, belief and growth. •
Daina Makinson is the owner of Moving Mum, specializing in comforting and trusted seniors’ move management. She lives in Puslinch, Ont., with her husband, Wayne, and their four cats.
The good, the bad and the realityBY DAINA MAKINSON
“New entrepreneurs often don’t know what they don’t know.” So observes Anne Day. And as a starry-eyed woman forging ahead into the brave new world with my magnificent idea of a new business, I am learning that Anne is right. As I meet multitudes of people who have all the best advice and want to help me not only to survive, but to succeed… I feel faint with wonder that they like me, they really like me! I am, with the utmost appreciation, so grateful for partnering with people who know more than me and who have become my mentors. The good is what I do know about how to have a strong and effective partnership. A sage and savvy woman recently taught me that networking is a two-way street, where it is about the relationship and finding common ground that can connect and help you find ways to help each other. Whenever I meet someone now, of course I am interested in telling them, succinctly, about what I do, and I want to find out about their business as well. But beyond that, I want to get to know them, so I can search through my chocolate box of life and find out what it is I potentially can offer that can help them with their business. If we are reaching out to each other, then it’s a win-win relationship. The bad is what I didn’t know, but know now. There are people “out there” who are extremely interested in
ASK THE EXPERT
BEAUTY
QWhy does beauty matter?
A Beauty implies health. The healthier you eat and the more active you are; the better
your skin, hair and body look. With such busy lives, it is sometimes difficult to find the time to take for ourselves, to rejuvenate and reconnect. In a business and social context, where first impressions mean everything, being beautiful is not only important for health, but for success as well.
Preet Chawla Zen Spa, at the Hilton Double Tree Hotel 655 Dixon Road, Etobicoke 416.249.8886 or 416.319.8417
PARTNERSHIP & COLLABORATIONTwo very distinct things.
Partnership, whether personally or professionally calls for some form of agreement. Always iron out the details of partnership in advance. Doing so will allow for much less trial later should it dissolve. Always be prepared for that possibility.
Collaboration, is a trickier beast. Often we are asked to collaborate with those who see the world differently. If there is an agreed-upon well -defined purpose, then the spirit of collaboration can prevail. If the situation allows, choose a team of individuals who have similar ambitions, goals and values to collaborate with. The results will be more fruitful.
Whether collaborating or partnering, it is critical that all parties agree on the mission and direction of the team.
Caird Urquhart, PresidentNew Road Coaching Inc. Tel: 416.481.267 [email protected] www.newroadcoaching.com
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inevitable, but you can age gracefully. We all have the power to manage the aging process. It begins with discovery — requesting a thorough set of diagnostics that establishes your personal hormonal, metabolic and physical baseline, living a healthy lifestyle, and getting the best treatment available. BHRT is featured in Suzanne Somers’ book Breakthrough. Get tested and investigate BHRT and feel like yourself again!
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WINTER 2012 17
MENTORIING
As we trudge the journey of life, with all its glorious highs and inevitable lows, we meet,
influence and are influenced by other people trudging this same journey with us. There are family and friends, co-workers or acquaintances. And then there is that rare jewel: the mentor. Someone who not only influences you intentionally, but who strives to expand your potential on every level – to motivate, coach, teach and support you. I have found myself the recent and fortunate beneficiary of such mentorship. I would like to tell you how Heather Brothers has motivated, taught and encouraged me to affect positive change in my life and in the lives of many women around me.
I first met Heather when I was a student in the START Program, a 10-week pre-employment program to help women on social assistance and facing multiple employment and social barriers to gain meaningful employment. As an unemployed single mother and recently recovered drug addict and alcoholic, I was feeling less than confident upon starting the program, and honestly wasn’t expecting to gain much other than a half-decent resume. Each day, Heather taught us in an open and loving environment, which she fostered with unending patience and a positive attitude. She always validated our input with the utmost of sincere guidance, and provided each one of us with ways to make positive changes in >
Meet Heather Brothers, winner of the 2011 Zonta Mentor AwardBY MARGOT MATHESON
Seeds of Hope
18 WINTER 2012
our lives. Heather went the extra mile and helped us to gain spiritual strength by encouraging us to open up about ourselves, our wants, our fears and our dreams. As a result of Heather’s teaching, encouragement and friendship, I have gained an immense amount of confidence. I now see myself in a different light, not as a “loser” on welfare, a drug addict or a single parent with no life, but as a very strong woman with invaluable life experiences – even a budding role model for other women! Heather asked me to share my story of addiction and recovery in order to motivate and inspire other women to overcome obstacles and achieve their goals in the face of adversity. It felt amazing being able to share with them one of the biggest triumphs of my life. I believe that this concept of “paying it forward” is the essence of mentorship. We get to keep what we have – our newfound sense of hope and joy – by giving it away! Heather asked if I would like to return to the program to be a full-
time volunteer, and I happily accepted. Today, I am blessed to work with the women whose position I was in not too long ago, and help them gain confidence and achieve their goals. Often it is not our circumstances in life that hold us back, but our attitude toward these circumstances. What is the best way to keep a good attitude towards life, when it seems that everything is falling apart? I’ve learned that it is to take the focus off myself and my problems by helping others; gain spiritual strength by being open and honest with myself and others; and have fun no matter what I’m doing! It is a beautiful experience witnessing the seeds of hope that Heather has planted and seeing them blossom and grow. •
The Zonta Mentor Award is sponsored by the Zonta Clubs of Missisauga and Oakville, and Company of Women.
Nominations are underway for the 2012 Zonta Mentor Award. Visit the website of Company of Women. www.companyofwomen.ca Deadline for nominations is January 31, 2012.
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WINTER 2012 19
TURNING POINT
In a world in which continuous business growth is often seen as synonymous with success, it’s easy
to forget that you can define success on other terms. Your own terms. Alexandria Thom Durrell had it all. Or at least that’s how it appeared to everyone around her. By the summer of 2011, she was running two thriving businesses: a social media company called SoConnected and a juvenile products company called Clippo. And, she was happily married with two children. Yet while she was measuring up to the conventional definition of success, her life felt out of control. Clippo had grown so quickly and was demanding so much of her time that she was no longer able to do what she had set out to do in the first place: to work from home so that she could enjoy spending time with her children.
Something had to change. In July (just months shy of Clippo’s fifth-year anniversary), Durrell let her customers and other supporters know that the company was about to shift gears in a major way: “We are going back to basics.” Instead of gearing up for major expansion in the U.S. market, Durrell had decided to stop wholesaling her products to retail outlets throughout the U.S. and Canada. Durrell likes to talk about how she stumbled upon entrepreneurship. She started making Clippo’s famous hair clips (the company’s best-known product) when she was looking for a craft activity to do while she was at home with her first child. “I sat down and made some of those hair clips I was too cheap to buy,” she confesses. “And then I made some more. And then I sold them to a couple of friends. And to their friends. And >
Redefining success on her
own termsBY ANN DOUGLAS
20 WINTER 2012
then… it all started to snowball. “In a matter of a few weeks, my products were being sold in retailers across Canada, and I was
learning more about wholesaling and retailing children’s products than I had ever dreamed.” Initially, that business growth was exhilarating. But over time, she started to feel that Clippo was taking on a life of its own – and she no longer felt comfortable with the direction in which the company was headed. Everything came to a head in the weeks leading up to the 2011 ABC Kids Show in Louisville, Kentucky, the biggest retail buying show in North America for products such as hers. “I was very excited to go, but I had this nagging feeling that something just wasn’t right. I sat down with my husband and discussed where I’d like to see the company in five years, and what I wanted from it. What if one of these large retailer inquiries went forward? What if we were a huge hit and signed a bunch of new retailers? What if? What if? What if?” This heart-to-heart talk with her husband, who had been actively involved in the business on top of his full-time job outside the home, helped Durrell make up her mind. “It was such a hard decision, because
retailers were a substantial revenue stream for the company. I had to choose between more money and being happy. I chose happiness.” Going public with the new direction left her with mixed emotions at first. “I felt scared and relieved. I felt that people would be angry, that others would think I had failed.” The support she received was overwhelming, and Durrell remains at peace with her choice. “What I thought would be scaling back was really just a shift in where our sales would come from.” Her advice to other entrepreneurs who find themselves faced with a similar situation? “Really analyze why you’re in business for yourself, and stay true to your values. As a business owner, you have the chance to use your power to do great things and create amazing companies. Success isn’t always about the bottom line.” •
Ann Douglas is an author and Toronto Star columnist. You can read more of her work at www.anndouglas.ca and www.having-a-baby.com
Have you encountered a turning point in your life – a high-stakes moment when everything changed? Share your story. Contact Turning Point columnist Ann Douglas at [email protected]
Alexandria Thom Durrell
WINTER 2012 21
FINANCES
With the growing popularity of swapping among consumers and businesses, bartering is
quickly becoming an invaluable skill in every entrepreneur’s tool kit, as well as a new way to work together. Collaborative consumption – a concept coined by Rachel Botsman – is gathering momentum and proving to be a powerful new socio-economic model worldwide. The phenomenon is characterized by the rapid growth of swapping, sharing, trading, bartering and gifting. It’s driven by pressing environmental concerns, cost-consciousness and weakening community bonds. Getting involved in bartering is easy. Online swapping communities like Swapsity make swapping accessible to consumers and small businesses, without charging any transaction fees. The site
lets you list all your skills, services and goods for barter, as well as create a wish list of things you are seeking in return. A nifty tool called the Swap Wizard helps you discover all your “swapables” in a few easy steps. As soon as you list what you are bartering, Swapsity provides you with local matches to jumpstart swapping. Once you finalize the swap transaction online, you can meet in person to exchange or mail items locally. Successful swap stories, such as trading a $4,000 Hyundai Sonata for kitchen renovations, or photography for eco-lighting, are regularly featured on the site’s blog. Swapsity member Kimberly calls swapping a community-building activity: “Bartering builds connections between people in a way that a transaction in a store often does not,” she says. “I have made some new >
Swapreneurs: The Collaborative Power of Barter
BY MARTA NOWINSKA
22 WINTER 2012
friends and met interesting people in the process.” The benefits of bartering are numerous. For example, offering your consulting services could get you a new
business website, legal advice, search engine optimization or perhaps a much-needed vacation, all without burning your cash resources. It can also be a powerful marketing tool by making your product or service available to prospective clients who might not try it otherwise. Such barter opportunities could translate into new cash-paying clientele in the future. Last but not least, you are building meaningful connections with your fellow swappers and sharing your expertise while getting help yourself. Think you have nothing to barter? Think again! Perhaps your business has empty appointment slots, vacant rental space or surplus inventory. Swapping helps turn unused assets into viable commodities by converting underutilized resources into useful resources. Aside from professional goods and services, you can also share your hobbies, talents and time. Baking a pie, teaching someone how to dance, or giving someone a ride are all trade-worthy! In light of the current economic, social and environmental landscape, swapping is gaining momentum and becoming the
new way to get things. The sooner you unlock your barter potential, the better prepared you will be for the challenges and opportunities that lie ahead. So what will it be? Credit card, cash or your own currency? Swap on, ladies! •
Marta Nowinska is the visionary and founder behind Swapsity, Canada’s premier swapping community. Visit her community at www.swapsity.ca
Swapping helps turn unused assets into viable commodities by converting underutilized resources into useful resources. If you are looking for career
advice, retraining or further education, contact:
The Centre for Skills Development & TrainingT 905.333.3499 [email protected] www.thecentre.on.ca
Mastermind groupWant to take your business to
the next level?
Consider joining one of Company of Women’s mastermind groups. For six months, eight women business owners meet with a trained business coach for two hours every month. The group sets the agenda and you have focused time on your business. It builds accountability and provides you with objective input from your peers, as well as the coach.
“My Company of Women Mastermind experience succeeded where all other similar groups failed. I got clear, substantial, motivating results. My sales jumped. My confidence grew. My marketing really started to work.” Stephanie Ortenzi, Pistachio
WINTER 2012 23
SALES
Have you ever watched a little kid in the playground sit on a teeter-totter and then see a
bewildered look cross their face because it won’t move? Two potential things happen. They either sit there looking around forlornly and then finally get off and give up. Or another little kid hops on the other end – now they’ve created something with momentum! I’ve spoken to thousands of women entrepreneurs in conferences around the world, and when I share this story they all nod their heads. Why? Because, honey, they know I am talking about them. Quit trying to do everything by yourself!It is so great that you can tie your shoelaces by yourself. But this philosophy doesn’t apply to business – and especially to sales. Are you…• Doing tradeshows by yourself?• Sending out email promotions only
using your database?• Not sharing costs with a strategic
partner for certain promotions?• Not part of a mastermind group? If so, you’re really restricting how much money you can make. I’d rather have 100 people doing one percent of something for me versus me doing 100 percent alone, because I’m tapping into the power of MORE PEOPLE, MORE
CONNECTIONS and MORE OPPORTUNITIES. Step into strategic partnerships RIGHT NOW!
So let’s say you’re a chiropractor and you want to grow your business. The first thing you’d do is research all the other alternative therapies out there. Dig into the warm market of like-minded people with businesses in natural healing, meditation, health food stores, yoga studios, acupuncture, pilates, business people who advertise at folk fests, massage therapists. Get the picture? And then follow my Sales Diva Rules:1. Choose ONE business that aligns the
best with you.2. Make sure that you like the owner and
that you trust the person.3. Choose a short-term pilot project you
can do together.4. Each partner has to split the costs AND
share the info with their database.5. Both partners have to cross-promote
equally.6. Choose the results you’re looking
for (e.g., more new clients, higher attendance, increases database, exposure, etc.).
If it works, then RINSE and REPEAT. Think of something else you can do together that is rewarding for both of you.You still have to be working on your business and your own revenues, of course. However, by adding strategic alliances to the mix you’ll get that teeter-totter moving a whole lot faster.So there. •
Kim Duke, The Sales Diva, provides savvy, sassy training for women small-biz owners and entrepreneurs. Check her website to learn more www.salesdiva.ca
Are you trying to ride a teeter-totter by yourself?
BY KIM DUKE
24 WINTER 2012
PARTNERSHIPS
Over the years I’ve written several articles on partnerships, and I often joke that I need to read
and heed my own advice. When I look at the partnerships that haven’t worked, I can see now that part of the reason why was that we didn’t share the same values. We hadn’t taken the time to really get to know one another – to share our values, to discuss our vision, or to agree on goals and the desired outcome. When you’re an entrepreneur, one of the reasons you’ve chosen this path is because you want to be in control of your own destiny. So it is not surprising that there are control issues when there are two captains steering the ship, and even more so when there is no real agreement
on the end destination! Plus, sometimes your ego can get in the way. I wanted to check whether my experiences were unique or whether other women had experienced the same challenges. One “couple” hadn’t fully explored how successful they wanted their business to be, nor had they agreed on how to get there. The ultimate breakup came as no surprise, but it took a year of legal negotiation before both parties felt satisfied that the ending was fair. One woman actually felt her partner did her a favour when they split up, although it didn’t feel like it at the time. She came to realize that she didn’t need the prop of another person – she could do it on her own and was excited at the prospect.
Date FirstBY ANNE DAY
WINTER 2012 25
The gals at Mabel’s Labels are role models for us all. Not only are the four women business partners, they are related too. Each woman brings a different skill set to the business. Even when they have feisty business conversations, they don’t let it trickle into their personal lives. “We share a family cottage and our kids are all friends, so it would be very awkward if we took things too personally,” shares Julie Cole, one of the partners. Because they are such a talented group, one of the challenges has been to know when to get involved – and when to step away and let your business partner run with it, something that Julie admits “is always a tricky balance.” She adds, “Our partnership is always a work in progress.” Mutual respect is also crucial. You have to value and respect your partner’s contribution to the whole, because without it, it’s not going to work. Three can be an awkward number in any relationship. Certainly this was the
case in one business partnership. The concessions and compromises that had to be made to suit all partners surprised the business owners. And while they may have had the same long-term goals, how they got there was up for grabs. When one person was removed from this equation, the business ran much more smoothly. Their advice? You need a partnership agreement right from the beginning, even if you’ve been friends for years. Be clear about roles and responsibilities – and make sure you share both short- and long-term goals and make a plan of how to get there. You may also want to “date” first, before leaping into a full business partnership. Work on a short project, see how it goes, and build on the relationship. Getting divorced – be it marriage or business partnership – can be a costly, damaging experience, one you want to avoid. •
WE’RE GROWING…COMPANY OF WOMEN IS OPENING A CHAPTER IN
OTTAWA IN JANUARY OF 2012
Stay tuned as we build the
Company of Women community
26 WINTER 2012
BY SARAH DEOL AND TANYA WALKER
When you have decided to go into partnership with someone, it is wise to get
both legal and accounting advice to determine the legal, tax and accounting benefits of either incorporating a company, forming a partnership or forming some other type of legal structure, such as a joint venture or limited liability partnership. A written partnership agreement is then prepared, and each party should obtain independent legal advice before signing such an agreement. There are many advantages to joining a partnership. For instance, a partner can share the responsibilities of managing the business. Your partner can cover for you when you are unavailable and ideally provide experience or expertise in an area that you lack. A partner can provide much needed financial resources. It is also cheaper to form a partnership than a corporation.
On the other hand, there are disadvantages too. No matter which partner incurred a debt, all partners will be responsible for it. If the partnership is unable to satisfy its debts, the partnership’s creditors can seek payment from every partner’s personal assets. Also: disagreements between partners can arise that can be difficult to resolve. For this reason, having a mechanism set out in your partnership agreement to buy out your partner through either a buy-sell provision or shotgun provision can be extremely useful. Tax implications are another point of consideration. A partnership is not a separate legal entity like a corporation. Individual partners may not enjoy reduced corporate tax rates, although partnerships that are a partnership of corporations may be able to take advantage of lower tax rates. As well, partnerships can be difficult to terminate, so it is very important that your partnership agreement clearly spells out how the partnership can be terminated, upon how much notice and
The Partnership Agreement
LEGAL
The Partnership Agreement
WINTER 2012 27
what happens with the partnership assets upon termination. Who knew breaking up was hard to do? The following are some of the other issues that should be considered before entering into a partnership: • the purpose, goals or mandate of
the business; • who the partners will be (i.e.,
corporations or individuals); • the amount that each partner will
invest in the business and whether the investment by the partner will be in cash or “in kind”;
• each partner’s share of ownership; • the mechanism to require partners,
if required, to invest more money in the partnership if additional funds are required;
• how profits and losses will be allocated;
• provisions for entry and withdrawal of a partner;
• provisions for expelling a partner or dealing with the disability of a
partner who may no longer be able to work;
• provisions for how disagreements will be resolved;
• provisions for how and under what circumstances the partnership will be terminated or dissolved; and
• whether life insurance should be purchased by a partner on another’s partner’s life in order to fund the buyout of the deceased partner’s interest in the partnership. Partners may want to purchase liability insurance for their partnership in order to protect their personal assets against potential lawsuits or insolvency.
A partnership can be a great way to pool expertise and resources, but it can also be a fast way to find yourself in a “lover’s quarrel!” A well thought-out partnership agreement will protect your interest and assist to eliminate some of the risks associated with a partnership. •
Sarah Deol and Tanya Walker practice with Walker Law (www.tcwalkerlawyers.com). Walker Law provides commercial litigation services specializing in partnership, real property, creditor and franchise disputes.
SARAH DEOL TANYA WALKER
A well-thought-out
partnership agreement
will protect your
interest and assist to
eliminate some of the
risks associated with a
partnership.
28 WINTER 2012
CHANGE BYTES
I love ‘60s music! Turn up the rock and roll for me! I was listening to Classic Rock radio recently and heard Simon
and Garfunkel’s “I Am a Rock” drifting through the airwaves. Listening to the lyrics took me back to darker times in my youth, when I’d been hurt by someone or a situation, and I’d sit in my room and moan along with the music and think: “I am shielded in my armour,
Hiding in my room, safe within my womb. I touch no one and no one touches me. I am a rock, I am an island!”
Oh yeah, I was given to melodrama in those days. I’m wiser now. I understand what John Donne meant when he wrote in 1624, “No man is an island, entire of itself.” I get it: we are all connected, and the more we intentionally band together the better the outcome. The most important things I’ve accomplished, in business and in my personal life, have been in collaboration with others.
As I transitioned from psychotherapist to business coach, I joined a mastermind group, and for four plus years we met monthly, a full day each time, to vet each other’s ideas, give input on emerging programs and proposals and challenge egotistical thinking and faulty notions. Early on, we committed to uncensored honesty, and I routinely left the meeting a bit shocked at the feedback, but stretched and sharpened by my colleagues’ observations. To bolster my coaching and consulting practice, I joined a small group of coaches whose purpose was to share in large coaching contracts while supporting each other’s professional growth. We strategized client relationships, brought in professionals to train us, shared leads and helped build each other’s credibility and reach. This experience taught me how to bow to the wisdom of a colleague who was more experienced, and sometimes simply more passionate, than
BY PEGGY GRALL
I am a rock
WINTER 2012 29
I on a particular subject or issue. Throughout the creative process of building programs and products, I’ve joined forces with designers, editors, artists and media types and I’ve thought of each of them as a partner, not a supplier – a fine distinction maybe, but an important one. Each partnership has brought me fresh ideas, specific talent I lacked, and the energy and sometimes precious resources I needed to keep going when it was tough. But a word of caution: collaboration is not for the faint of heart! If you decide to throw your lot in with others, you can expect a good deal of surprising information, opposing opinions, differing objectives, and those ever-popular power struggles and personality conflicts. Collaborate anyway. It’s the only real path away from navel-gazing and onto excellence.
Who are you linking with to ensure your success? What would it take for you to join forces with two or more people in the pursuit of your goals? What stops you from reaching across the table at a networking event or meeting to say, “Hey, let’s work together?” •
Peggy Grall leads the business roundtable for the Women’s President’s Organization. She is a certified coach and author of Just Change It. She can be reached at www.justchangeit.com
The most important things I’ve accomplished, in business and in my personal life, have been in collaboration with others.
“Relationships are your revenue” shares business coach Catherine
Morgan in a recent teleclass on collaboration. Partnering up with someone to deliver a service, program or exchange referrals makes business sense. Here are just a few reasons to consider this option:1. You can feel more comfortable in what
you have to offer, especially if you are new in business. There’s less pressure.
2. It gives you more credibility, particularly if your “partner” is a seasoned business owner.
3. If you are giving classes, for example, and you have a senior’s moment, someone else can jump in.
4. It provides more value to the customers or clients.
5. You share and gain the benefit of more publicity, reaching a wider audience when you combine your efforts.
6. It is much easier to sell “we” instead of selling “me.”
7. There’s increased accountability as you don’t want to disappoint your new partner.
It is so much easier to sell and market other people. You will be amazed at how easy it is to gush (sincerely, of course) about your new colleague, and likewise they can toot your horn. •
Alliances
30 WINTER 2012
FINAL WORD
BY ANNE DAY
This should be your first clue that when it comes to problem-solving, men take a different approach. As John Gray pointed out in Men Are From Mars, Women Are From Venus, men and women communicate differently. When you are in a partnership (business or otherwise) with the opposite sex, this can be challenging. Women find that men prefer their own space to mull over problems, think through the solution and reach a conclusion – on their own. Women on the other hand, prefer to talk to others about it, brainstorm the options and together come up with an answer. Little wonder that as women we can feel isolated, and sometimes misinterpret our partner’s silence and distance. Our conversations can be frustrating too. We tend to tell a detailed story, while men are waiting for the bottom line – they want us to get to the point and are not always able to hide their impatience. This can leave us feeling discredited, as if our concerns have no validity. Men tend to be direct and logical in their comments. I remember once my husband telling me that he didn’t like
a meal I had cooked. I was upset and hurt, but he couldn’t understand my reaction. From his perspective, he’d given his feedback because he didn’t want me wasting my time cooking it again. Gotcha. Yup… and we can take stuff personally. What we want out of a relationship can differ too. Men would rather you respected them; they are less bothered if you like them. Whereas for women – what can I say? – we’re pleasers and we want everyone to be happy and like each other. What’s the answer? Observe how your partner communicates and try to communicate with him in his preferred style. Stick to the facts and stay objective. You may also want to pick your battles and choose when you want to take a stand. Partnerships work best when there is mutual respect for the expertise that each partner brings to the relationship and the business. Make sure your contribution is valued and respected, because as women we have much to offer. As for the directions? Maybe get him a GPS. •
Men don’t ask for directions…
WINTER 2012 31
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