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Today I'm talking to Matthew Baranauskas, Greg Martin, Sam Jeibmann and Ted Helprin of the product strategy, design and development firm, Supply in Portland OR.
They launched the business two years ago. Like many of the teams that I talk with, these guys first started working together in their previous jobs. They formed a special bond working together--including a new take on the process and approach they were using on their projects. That led to them to decide to go out and start their own business.
People say that business partnerships are like marriages: You have to know what you're getting into, what you want out of it and what you're willing to do to make it work.
As you'll hear in the conversation, the Supply partners are very open and transparent about their business and how they've structured their partnership. And they have a pretty unique approach.
Partnerships can be incredibly valuable. For any business pulling together a strong team is essential and partnerships are a great way to do it.
The key to successful partnerships is being extremely clear about what you want and what you're willing to give in exchange. Once you know that you have to communicate with your partners and document these expectations in a formal agreement. Too often people keep things loose, relying on just a verbal agreement or a handshake until there's an issue.
The conversation with Supply highlighted something important -- trust is an asset. It's something that you can use to create value if you use it correctly.
If you want to learn more about Supply and see their work, check out their website at workwithsupply.com
