Page 85 - Entrepreneur-November 2018

Personal

cofounder), and I had selected
How to Break Up a public space for our con-
versation to take place. I pre-
sented him with a severance
with a Cofounder offer but made it clear that I
was willing to negotiate. We
bought back a million shares
When visions no longer align, how do you ask your friend, cofounder, of equity and offered him an
and CEO to step aside? One entrepreneur looks back on his own breakup. advisory seat, which would
serve both of us—he did help
by WYLIE ROBINSON
create the brand, after all,
and he deserved a chance to
offer input and ideas, should
but my relationship with my he want to. I didn’t sweat the
business partner had stalled. small stuff—taking away a
We were severely misaligned company phone is just kicking
in our vision for the company: someone when they’re down.
I wanted to grow strategically, If it’s not of material impor-
perfecting one product before tance, let it go. Be kind.
launching another; he wanted After our talk, I returned
to expand into new categories, to the office alone, updated
and fast. On separate occa- the team, and we did a shot of
sions, our three employees whiskey at 11 in the morning.
approached me with concerns We took a day to regroup but
about his leadership. As a then quickly hit the ground
result, my partner and I tried running. Within a month,
to get on the same page. We we were accelerating at more
had meetings, camping trips, than two times the pace we
late-night talks over a bottle of had been before. We grew
whiskey—but it felt as though 170 percent that year. We now
our differences had become have a team of 18.
insurmountable. For the As for my cofounder, he’s
business to continue, one of us doing better, too. Rumpl’s
would need to step away. brand was built on the idea
I had been given advice of travel and wanderlust, and
from several mentors on how that got to him—he’s been
best to handle the communi- traveling throughout South
cation, but I was extremely America in a van, sharing his
nervous—I even googled “how adventures on his podcast,
to break up with a cofounder” Wheel Travel Far. Our friend-
and waded through endless ship is pretty good; we don’t
forum threads. But what talk a lot because he’s been
transpired that day was an in Chile and Mexico and at
amicable and effective con- Burning Man, but generally
t 3 am on June 13, blankets that felt like sleeping versation, which led to a quick speaking, we’re fine. We’ve
2016, I sat wide bags—more comfortable, more end to a toxic partnership. each helped the other out
awake in bed. The durable, less annoying than There were a number of in different ways, and will
most difficult con- duvets. We enjoyed quick suc- steps that ultimately made the continue to do so. Parting
versation of my life cess, raising nearly a quarter- talk a success. In addition to with him professionally was
was scheduled for 9 million dollars via Kickstarter. knowing I had the support of one of the hardest things I’ve
am, when I’d fire my Our product received praise our small team and obses- ever had to do, but it’s made
Acofounder, CEO, and from our earliest customers, sively rehearsing every word I me stronger. It was the first
close friend from the company which resulted in partnerships wanted to say, I was prepared. time I really put the company PHOTOGR APH COURTESY OF RUMPL
we had built together, Rumpl. with several premium retail I had consulted external legal in front of my personal inter-
We started the business in channels and strong direct sales. counsel (since our company’s ests—and the results helped
January 2014, after we came Two years later, Rumpl was lawyers served the entire com- me realize that I always need
up with the idea to make cozy still experiencing fast growth, pany, which still included my to prioritize my business.

34 / ENTREPRENEUR.COM / November 2018