Hard Questions First: Stacy Bernstein's Partnership Playbook

Stacy Bernstein ran her first company with two partners she never had a hard conversation with. No exit plan, no defined roles, and eventually an artist stuck doing budgets while Stacy took a call with Target’s CMO from her car, breastfeeding a three-week-old and asking herself what she was doing. When she started All Better Co. with co-founder Merav, the first thing they set up was their divorce: what happens if this doesn’t work?

Stacy and Everett get specific about what makes the second partnership hold. Stacy and Merav sit in opposite silos (operations for Merav, brand for Stacy) and follow a rule for disagreements: say your piece, and if it’s the other person’s silo and they stand firm, you acquiesce. They also cover why two creatives need a grownup in the room, how partners in different seasons of life have to talk about it out loud, and the payoff of getting the partnership right — nine months of pure customer research that surfaced a white space in the first aid aisle nobody had touched in decades.

If you have a co-founder, or are about to choose one, this is the conversation to hear first. Subscribe to Small Business Unscripted wherever you listen.

What You’ll Learn:

• Why the first conversation with a new business partner should be about how you’d split up, and what happened when Stacy skipped it the first time
• How Stacy and Merav divide All Better Co. into two silos, and the acquiesce rule they use when they disagree inside each other’s territory
• Why partners at different life stages — newborns versus older kids — is a real business variable that has to be discussed, not managed around

“The first thing I did with my partner now, Merav — the first thing we talked about was our divorce. That was the first thing we actually set up: what if it doesn’t work?”

“If I disagree on something that’s in Merav’s silo and I say my piece, and if it’s something that she’s willing to say, ‘No, I stand firm on this,’ then I acquiesce. That’s your silo, and we have to be willing to sit in that.”

“Yes, you can have two creatives, but if you have two real creatives, then you need a grownup in the room.”

(00:00) Introduction
(00:56) Career, Quality of Life & Money
(01:38) Lessons from an Athlete’s Mindset
(03:21) NHL Roots & Storytelling
(06:35) Scaling Challenges & Knowing When to Exit
(08:57) Founder Partnerships & Tough Conversations
(14:43) Pivoting into CPG
(15:35) The Idea Behind All Better Co.
(17:02) Why Everyday First Aid Needed Innovation
(18:29) Naming All Better Co.
(19:37) Competing Against Industry Giants
(22:28) Big Vision, BHAGs & Acquisition
(25:05) Dividing Founder Responsibilities
(27:29) Pivoting with Purpose
(29:47) Celebrating the Wins
(32:15) Founder Advice & Taking Risks

Stacy Bernstein: linkedin.com/in/stacy-bernstein-1b59a328
Everett Sands: linkedin.com/in/everettksands

Learn more about the All Better Co.: allbetterco.com
Learn more about Lendistry: lendistry.com