Transcript
A (0:00)
Hello and welcome to this special podcast series, the Experience in partnership with Chase for Business. I'm your host, Abigail Bassett with Ink Custom Studio. Today we're exploring what it really takes to build something lasting with a partner. Whether you're starting out a business with a spouse, a best friend or colleague, a partnership can both be your biggest strength and your biggest challenge. In this episode, I sit down with Rika and Tasha Kendrick Palmer, the co founders of blackflox, a Houston based black owned fragrance studio, as well as Robert Hines, the South region area manager. At Chase for Business, we talk about the power of partnerships, both in business and in life. Welcome, Rika, Tasha and Robert. So first up, Robert, I want to jump right in and talk a little bit about sort of the context that we're living in right now. Tell me about how many businesses are started and how many of those businesses succeed, and then talk to me a little bit about some of the challenges that partnerships see.
B (0:52)
Well, you know, interestingly enough, I just read a statistic not long ago from the US Department of Treasury and what they stated is approximately 430,000 businesses are formed each month.
A (1:05)
That's a crazy number.
B (1:06)
Exactly. So when you look at the totals, you're north of 5 million businesses a year.
A (1:12)
Right.
B (1:13)
What's more impressive is the success rate. Typically within the first year, you have about 80 to 85% of these businesses survive, but as time goes on, that number decreases significantly. So at the two year mark, you're roughly at about 65 to 70% of these businesses that survive. And at five years, approximately 45 to 50%.
A (1:37)
Wow.
B (1:38)
So there's a declination over time if you don't build something sustainable. And when we think about partnerships or businesses in general, we want to help provide the guidance to get them to that point of sustainability. And we introduce different variables to get them there.
A (1:58)
We were talking earlier, Robert, about sort of the layer that partnership adds into starting a business. Right. You not only are in business with this person, but you're also in relationship with this person. And when you're negotiating these things both in business and personal life, what are some of the challenges that can come up in that space?
