Ep. 061: The Story Behind the Business Merger
Wit + Wisdom is brand spankin' new! This is the first episode of our new season, and the first episode under our new name! We are digging into all the bits & pieces that have gone into combining our businesses to create Wit + Wisdom.
When we decided to merge our businesses, ErinShebish.com and Sweet Tea, LLC, we were overwhelmed with excitement and didn't realize how much work was involved. **PLEASE CONSULT AN ACCOUNTANT/ATTORNEY AS WHAT WORKS FOR WIT + WISDOM MAY NOT BE THE RIGHT FIT FOR YOU.
THINGS THAT SURPRISED US:
One of the things we've struggled with is all of the financial components involved with merging income and expenses, as well as how we will pay ourselves. We also had to consider which state to file our business license in, since Erin is in PA and Kirsten is in GA, and how to handle taxes.
We will be a partnership LLC and pay ourselves a set percentage of our business income each month, allotting a specific percentage for taxes and another percentage for business expenses.
We've also struggled with having free time, as odd as that sounds. Having a business partner means we no longer have to do #allthethings, and we've been wrestling with the feelings that we may not be pulling our weight, while also learning how to enjoy down time.
One huge benefit to having a business partner is that we have a second set of eyes on every single thing we do.
HOW WE MAKE IT WORK:
There has not been a single question about who is responsible for which task, because Erin and I have a natural divide-and-conquer mindset. We each have our own special set of skills and interests and they work so beautifully together.
We also have a set appointment each week where we have a "team meeting". While we do talk everyday about pretty much everything, these weekly team meetings are dedicated time to talk about what's happening in our business. This is our time to discuss clients, upcoming launches, any deadlines, etc.
We also have a joint Google calendar and have it color-coded. This calendar includes EVERYTHING - work appointments as well as personal calendars. When our kids have doctor appointments, when we are at the gym, when we've got family time...it's on there.
Being able to work together in-person was huge for us! I traveled to PA to spend a week with Erin, and we were able to get into the nitty gritty and get work done before the big launch. We were able to map out our new services, our workflow, email setup in ConvertKit, record a new intro for the podcast, and lots of other stuff for the business that was easier to do in person.