Making of MYO: Part 3 "Owning a Business Together"

04/06/2022 

The feeling today: Wow… where do the days go?! 

"It's Saturday afternoon, at the beginning of June, and I'm sitting up at House Be catching up on some work. This week we have had a lot to do, the new yarns arrived and now we obviously want to create a bunch of fun instructions for them; at the same time, Camilla (our new Content and Community manager <3) is going to learn everything that Salli and I have gathered in our heads over the past two years. Yikes!" 

And speaking of that, it brings us to today’s theme I wanted to write about: namely, what it’s like to run a business with your friends! I know that many who are considering starting a business think about just this; taking the step alone is often scary and also financially very demanding if you really want to do everything yourself. Since MYO is part of the local incubator here in Jämtland (= a business development program for start-ups), we have also gotten to know many other young companies where in the beginning there is one, two, or even three co-owners who have been involved in starting the company from scratch. An interesting topic to think about, I believe, and especially interesting right now as we, as a growing team, are facing certain challenges that we are working through. 

'From 1 to 2 co-owners - how Salli got involved with MYO' 

For those of you who are not 100% familiar with MYO's history, it is the case that Salli and I started our journey at slightly different times: I in the spring of 2020 when I started the company, Salli in the summer of 2021 when she received part of the company as a result of our decision that MYO would become our joint project. Salli and I have been good friends for a long time; we actually got to know each other many (six or seven?) years ago when we drove together from Stockholm to Åre on a dark December evening. There is something so fantastic about such road trips, how during a 630 km drive you get to know each other and find things to talk about. We alternated Disney songs with old skate punk classics and could conclude that we had very similar upbringings, her in Dalarna and me on the west coast of Finland. Imagine if we had known back then that we would later own a company together!

"During the process with MYO's participation in Draknästet, Salli was there the whole time and supported me with everything she could (such a nice friend <3). We hadn't even started talking about actually owning MYO together, but it felt like we were slowly sliding into it and it felt completely right." 

"Before I was to transfer part of the company to Salli, we still needed to sit down properly and go through how we envision the future with MYO to ensure that we share the same vision. Among other things, we talked about:" 

• What were our personal goals with running a business like this? 
• Where do we see MYO in 5 years?
• "How much risk are we willing to take (e.g. loans if needed) and what are our thoughts on external investors?"
• Do we complement each other in a good way and can we enhance each other's knowledge? 
• What does the gut feeling say - will this be good? 

In June 2021, we signed a shareholder agreement and Salli became a co-owner and product manager for MYO. Now it has been exactly a year since then, and ever since, I have been grateful for every day; that I have her and that we are doing this together. 

On running a business together

"I would say that choosing the right person to own a business with is at least as important as who you marry. It may sound strange, but first and foremost, I base this on how extremely IMPORTANT it is to, besides being in agreement about the future, care for that relationship just as you would care for your partner in a relationship. Money is a sensitive topic to talk about, and it is even harder to give feedback in a good way when things are often managed remotely."

Economy, division of labor, communication - yes, you surely understand the similarities! 

Sometimes I have wondered how people do this with individuals they haven't gotten to know for a longer time. It feels like the friendship that Salli and I have as a foundation has given us so extremely much; not least the understanding of how we are as individuals and how we can best support each other. But how do companies that don't have that do it? Many find themselves in a situation where they are so eager to start something together that they might forget to evaluate certain things beforehand. It can also be the case that only after starting to work together do they realize that the chemistry, working methods, future visions, or something else doesn't match. The first year seems to be the most critical period (if you, for example, look at other companies that are part of the incubator).

Are you going to start a business together? Our tips are then to make sure that you:

1. Spend time on planning and meetings
2. Communicate properly 
3. Resolve any misunderstandings quickly (preferably the same day!) 
4. Respect each other's free time
5. "Be open with all information and keep each other updated." 

Easier said than done, and of course we haven't always succeeded in everything, but we have also learned an incredible amount along the way. Unfortunately, many companies split up early on when it perhaps doesn't have to be that way, and even though I'm not a business coach, I've heard quite a few stories that just make me think of one simple thing: get to know your future partner well before you start anything together. It will be much better and more fun that way! 

"Our little team has now grown by one more person who is settling into their role, with all that it entails (read: all the chaos one faces in a startup :D). I think it will be a fun topic to talk about next time, how the first weeks have been for us and what challenges we have faced when the work needs to be restructured - also a bit under time pressure, as one always is before the company gets going. It requires A LOT of planning and understanding in different directions." 

Dream big!<3 

/Poison