Design Company Startup 3

[JStansfield]

I am starting a small design firm with a business partner. We are both 50%/50%. For incorporation sake, I am listed on the documents as President. Does anyone know what we should each call ourselves in terms of Owner, Partner, CEO, CFO or (??) for our business cards and other marketing materials?

Thanks in advance....

 

[RDK]

My business cards no not mention a title.

If your firm is named Smith and Jones and you walk into a meeting and introduce yourselves as Joe Smith and Sam Jones most people will figure it out.

When I fill in on line forms that require a position, depending on the web site, I’ll use President, janitor or Chief Engineer.


Rick Kitson MBA P.Eng

Construction Project Management
From conception to completion

http://www.kitsonengineering.com

 

[bvi]

It is your preference, but you are too small to be using titles like CEO and CFO. Partner is not correct as you are not a partnership. So, you could go the route of President and Vice President, or the route of putting the title Principal on each of your cards which is vague but gives the idea that you are a key person in the firm (equally with your co-owner from the business card standpoint). Principal in a consulting firm is typically indicative of ownership. You can put Principal on your cards, while retaining titles of President and Vice President for corporate officer related duties.

 

[MikeMech]

I agree with RDK. I have no title on my cards. Sometimes it is useful to let others (vendors, salesmen) assume you are simply one of several engineers for the company, or just a truck driver. As RDK says, the folks who should know will know, and if not you can always tell them when introducing yourself.

 

[jmw]

I have chosen a name for my company that does not imediately give away that its my company.
When it comes to job titles either don't give any or pick a title that matches the role and the client. You can always have lots of different cards printed up or print your own.
For example, having a card thats says your President and CEO does not help if you are mainlky going to be seeing instrument or maintanenace engineers selling consumables or whatever. On the other hand, Field Sales Engineer doesn't cut it if you are selling high value systems to top management who you need to pursuade to include your product in their budget.In other words, even if ou are the jack-of-all-trades in your company, your clients need to know that you are the expert they need when they speak to you.
One other piece of advise (not my own) is not to be the bill chaser. It is better to co-opt significant others to get tough on the phone. It doesn't help you if every time you see a prospect hthe only thing he feels is guilt or embarassement that someone held up payment.
He can always appologise for his accounts dept. delaying and you can always appologise for your accounts getting aggressive, but you don't want to be excusing yourself to your prospect for you having got tough with him.

 

[ml13]

We are in the same situation here. We had a lady with the state tell us that Principal was not an acceptable title and insisted we identify ourselves as President, etc. I suggest for continuity's sake, you divide up some titles (CFO, COO, President, Secretary) and be consistent on your corporate forms, taxes, and the like. It makes it easier in the long run and it doesn't confound our civil servants.

 

[JStansfield]

Thanks everyone. We've decided to go the route of President and VP, which seemed to be the easiest and most recommended by many people.

To the people within our network, we are perceived to be equals. However, I am concerned that my title of President will seem more important than my business partner. To the people that we market to, we will be referring to each other as "my business partner", or "co-owner", although it's not technically correct within the corporation structure.

Time to don many hats.....

 

[twodogs]

My company did some business with Bloomberg a while back and I noticed that everyone there had biz. cards that gave telephone, fax, address, etc. but no titles. My contact there said they all did this and that titles and responsibilities came with each assignment, were fluid and reinforced the idea that all must be involved in whatever facet of the biz. they are assigned. Sounds good to me.
The job is to get the job done, not nurture some ephemeral (?) job title.

 

[jherbert]

A word of advice:
while 50/50 sounds great right now, what is the escape plan?

I would *strongly* recommend that you ensure that you have some agreed method to value the business in the agreement.

Such that if either party leaves or wants to sell, you both have a fair and equal settlement. It may never happen, but one should be prepared, one could make it renewalable every year to ensure it is updated.

cheers,

 

[RDK]

One escape plan that I have seen and used is that if either party wants out then the other one can set the value of the firm. The party wanting out can pick if he wants to buy the other’s share or sell his at that value.

Sort of like one person cuts the pie and the other gets first pick.






Rick Kitson MBA P.Eng

Construction Project Management
From conception to completion

http://www.kitsonengineering.com