Choosing a Business Partner

Part 2 with Tabitha Mason, Managing Partner with Cornman Farms. We get into becoming a managing partner and what inspired her to make the decision to move from employee to co-owner. What intentionality can you take into leading your organization?

Tabitha with her family “partners” : )

She never saw herself as a business owner. She was compelled to become an owner after being in the business a few years.

She’s been on the path to partnership for 2.5 years.

She believed they have a great vision and wanted to get involved at a level so she could impact it’s future. They wrote a 7 year vision and then began sharing this with all interested parties.

With Kieron, her co Managing Partner (owner) they can disagree respectfully.

They want to build staff up.

They want to bring up starting salaries.

One thing they go back and forth on: she sees a role and he sees a person.

How do you uncover the commonalities and possible disagreements early in the process of becoming a co-owner? Lots of discussions with other managing partners. (Meet with each managing partner can take awhile.)  Document deal breakers. Mindfulness about your beliefs. Outside company is helping them with dialogue.

What is the financial investment? It varies each business. Part of the buy-in is book value. Ari and Paul want to get to a point where they only own 10% of each business. Right now, it’s more. In addition, she is buying in with what she can.    

She wants to make sure that in 20 years when someone joins they are as excited about the opportunities as she is

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