For all the business owners out there, do you remember when you first had the idea for starting your company? Did you ever consider starting it with someone else? And did you TELL anyone that you were considering a partnership?
If your experience was anything like Kim’s and Heather’s, you likely heard:
“DEFINITELY don’t do a partnership!”
Here’s the full story….
Heather and Kim were both members of the Portland-based All Star Accounting Professionals (ASAP) group starting around the 2019 era but once covid hit and in person meetings turned into virtual meetings, they had not actually met one another. It wasn’t until one weekend that Heather stopped a woman that looked familiar to her while walking in a local park that they figured out they were both in ASAP. That chance encounter turned into a coffee date to “talk shop”, which turned into talk-and-walk sessions every month or so.
At one point during 2022, Kim asked Heather, “If you’d ever be interested in talking about a partnership, let me know…” Heather thought about it momentarily and replied, “Thanks but I think I’m good.”
On May 18, 2023, while driving home after an ASAP retreat event, the following exchange happened:
Heather: “My husband keeps asking when we are going to talk about this.”
Kim: “Talk about what????”
Heather: “Us joining forces.”
And that was the date the adventure began.
WHY PARTNER?
Kim had started her business Raw Books (“because the books are never cooked”) as a firm of 1 in 2010 and eventually had a team of 6 women by 2023. Heather started Fox Hills Accounting as a firm of 1 in 2018 and brought on 2 other women by 2023. Both were having very good success but both, separately, realized that they were looking for more collaboration, financial clarity, and growth opportunities.
Collaboration has ended up meaning many things:
- Two brains are better than one
People see things differently and it is always better to have more insights on a situation or issue… and when those brains agree, you KNOW you have the right answer! - You get the best of both worlds
Both firms had figured out ways to do things and while all the processes worked, each side found advantages and now have gotten combined into Luma Accounting. - You have another person who knows your business inside and out and that provides built-in backup
Running a firm on your own – even when you have a great team working with you – can be lonely… And ultimately the buck stops with the owner. When there are two owners, you really have someone else IN IT with you!
Now, finding a partner that is a truly good match? It can feel a bit like hunting for unicorns. But if you find one?
It is MAGIC.
About Luma Accounting.
Luma Accounting, headquartered in Portland, Oregon, provides bookkeeping, accounting, job costing, and financial reporting services to businesses across the U.S. We help business owners gain confidence and clarity in their finances, whether locally in Oregon or nationwide.
Need reliable bookkeeping and accounting support for your Portland or U.S.-based business?
