Costco Connection - February 2011

software and anything else that benefitted both companies.

Randy Vines, co-owner of STL-Style and a Costco member, says the two businesses have had some very minor disagreements about design elements and customers disrupting the work of the screen printer, but for the most part pooling resources has been working well for them.

“We shared space with them before this year, but that was when our company wasn’t open to the public,” says Vines.

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any kind of sharing arrangement with the building’s landlord before putting a plan into gear, having a sublet agreement that spells out how much the other party will pay and requiring 30 days’ notice if there’s a change in occupancy by either party.

“You should always get things in writing,
have a business plan and make legal agree-
ments, even if the people are your friends,”
says Vines. “If one deal goes awry, it could
sour the whole relationship.”
Most businesses in these types of partner-
ships prefer being on their own and hope to
do so when the economic climate improves.
How will a company know when it’s time to
move on?

“The natural growth of our businesses will indicate when it’s time to cancel this arrangement,” says Quadagno.

“It’s a financial help for us now. Ideally, it
would have been great to be on our own, but
this way the receptionist is one less employee
we have to pay,” he says. “In another year the
accounting firm will leave or we’ll find more
suitable space, like a warehouse, where we
have room to grow.”
Jones says he’ll know the time is right

BUSINESS ZOO

Considering teaming up?

If you think a business-sharing partnership might work for you, here are some aspects to reflect on before signing on the dotted line.

Quadagno emphasizes that it’s more important to know the other employees before moving in together than to know about their business.

“Assess the personalities you’re going to
be working with to make sure you’re all com-
patible,” suggests Jones. “These are people we
like being around.”
Jones also highly recommends clearing
when he’s spending more time dealing with
the other business than with his own. So far
that hasn’t happened; he also says when there’s
no longer enough space for both companies,
then it will be time to move on.

Heather Larson, a writer in Tacoma, Washington, frequently writes about business and finance for a variety of publications.

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