What’s Your Ask? with Stephanie Sims
Business:Investing
Today, I’m excited to talk to Amy & Adam Fazackerley, Co-Founders of Lay-n-Go, a company that designs and manufactures innovative organizational solutions for life, play, and travel.
I’ve interviewed them both individually, so if you haven’t listened to those episodes, add them to your playlist!
But today we’re doing something different - and talking to them about what it’s like to work with your spouse day in, day out.
Welcome, Adam & Amy!
In this episode…Instead of the speed round, they start out with a few either / or questions. Both Amy and Adam both feel it is easier to work with their spouse than anyone else in the family! They have very distinct strengths and weaknesses, which, perhaps is part of the secret. Adam laughs as he shared his weakness is he is always in trouble and Amy’s strength is she is forgiving. Amy shared a true benefit in being founders together is the ability to work things together versus another founder who hops in his or her car and drives away.
Together, they run their business a different way. They are lifestyle based, work hard, and always want what is best for their family. However, it isn’t always smooth, and days do not always start out with having breakfast casually. What is really important is really understanding the other person. For Amy, balance is really important to each of them.
Stephanie wanted to know if they feel as though they are working more than an average person because they work together. Both, Amy and Adam, stated yes and that is the nature of the base. They both agree their kids have been a pretty cool part of the journey. Making best use of their time, such as in the car, it very important. They’re very focused and intentional on what they want their business to be.
After ten years in business, the number one question is where do they want to be in five years or ten years and what do they want it to look like? What they do fall back on is the trust they have in each other.
One of the other things they like to do is give back by teaching the next generation about the things they went through in starting and running their business. Together they are very active in extracurricular entrepreneurship things. Working with other people is what makes them tick.
Other than a shared vision, there are other parts of working together that have contributed to their success. They include communication, trust, and really looking at going back to the strengths. Adam feels understanding those hot spots is ultra-important. For instance, if there is friction, Amy does not want any part of that. It isn’t always as easy as a line down the middle.
When it comes to other founders, there are certain things they should look for, but there are also those they should avoid. Adam shares that a lot of times the teams that come to them are paired up, but if they’re not, just remember you are picking a partner so find someone who has the strengths where you may lack. If there are issues between partners, they like to push for resolutions that are fair.
Amy shares that it is important to stick with what you love, what will get you out of bed every day and stick with that. It shouldn’t feel like work. Just look at what drives and motivates you.
Before involving a family member in your business, there are some questions that need to be asked of yourself. Such as, “What do you want out of this?” In fact, that should be a mutual question. If everyone wants success and progression, it’s a pretty good start. If you are going to involve family, figure out ways they will help build the business but also do it in the family role. They do consider their friends as their family as well. For them, their friends also started as their first focus groups.
On the flip side, everyone needs to make sure it is working for those involved. Keeping open lines of communication are so important, family or not.
They close with one piece of advice for others who are going to work with family, and that is to just have fun and move on. Also, give one another enough slack to make mistakes, forgive and learn.
Resources Mentioned in this EpisodeFinance-Ability is a boutique consulting firm dedicated to helping business owners and startups find their best options for growth funding. Founded by financial strategist and transaction expert Stephanie Sims, Finance-Ability can help any business owner identify the right funding partners and get through fundraising as painlessly as possible.
Visit their website to take their online assessment test to help you find out which kind of funding is the best fit for your business right now. They also have a ton of resources to help you understand business processes and financial decision-making that can help you start and build your own empire so be sure to check them out.
Stephanie has over 20 years of experience having worked with companies like Goldman Sachs and CSFB. If there’s anyone with their heart in the right place when it comes to championing the dreams of small business owners and startup companies, Stephanie is that person. Let Finance-Ability help you get the funding you need and deserve to get your dreams soaring high towards your own brand of success.
Episode 45: What Is Your Exit Strategy? with Stephanie Sims
Episode 44 - Ask the Tough Questions with Tiffany Bisconer
Episode 43 - Final Part of the Series Ghost of Numbers Future
Episode 42: Ghost of Numbers Present
Episode 41: Part 2 of 4 Series Ghost of Numbers Past
Episode 40: Part 1 of 4 Series - Ghost of Numbers
Episode 39: Giving Thanks and Shifting to Serve
Episode 38: Your End Result is the Investment Opportunity with Ryan Tansom of Arkona
Episode 37: Be Bold in Your Ask with Melissa Lamson and Kimberly Mylls of RecreateNow.org
Episode 36: Believe You Belong at the Table with Andrea Heuston
Episode 35 - Seize the Opportunity Through the Ask with Emeline Kuhner-Stout and Caitlyn Wooldridge, co-founders of Elastique
Episode 34: How Startup Companies Make Critical Mistakes That Prevent Them from Getting the Funding They Need
Episode 33: The Sales Process Approach to Fundraising with Sonny Patel of Insurmi
Episode 32: Balancing the Entrepreneur-Investor Power Dynamics with Keith Ippel of Spring
Episode 31: Using Your Financials to Advance Investment Asks with Leslie Goldman of The Artemis Fund
Episode 30: Discover How to Make Confident Asks with Eric Smith, Executive Director of the UA Center for Innovation
Episode 29: Preparing to Face Investors and Predicting the Outcome of Asks with Jackie Roberts of SparkLabs Frontier-ASU
Episode 28: Finding Fit Before Asking with Leart Zogjani of Symbolt.io
Episode 27: What to Expect When You Go After Seed Round Funding with Geralyn Breig of AnytownUSA.com
Episode 26: How to Get an Offer You Can’t Refuse with Mark Moeremans
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