Chile this Andre Leon Talley eviction story is troubling me. I read his book “The Chiffon Trenches” over the holidays and I have to tell you – it saddened me. It really struck me that he seemed to value his friends far more than they valued him. I tweeted about it:
I love fashion autobiographies, biographies, and documentaries so I even took to my Kindle to see if he was mentioned in the biographies of the people he discussed in his book. There were one or two mentions in Diane Von Furstenberg’s “The Woman I Wanted to Be” and none in Diana Vreeland’s “D.V.“. He was extensively featured in Manolo Blahnik’s documentary “Manolo The Boy Who Made Shoes for Lizards”, which brings us to present.
ALT currently in an eviction proceeding with his former friend and CEO of Manolo Blahnik George Malkemus and his husband, Anthony Yurgaitis, but not Manolo Blahnik himself. Reading the details about the “gentleman’s agreement” and backdoor finance ALT has done throughout his life STRESSED. ME. OUT. Please dont live your life this way! You absolutely must have contracts in place. You just must – even with friends, ESPECIALLY WITH FRIENDS. Here is why:
- Thinking It Through. Writing contracts will force you to sit down and talk through all of the things you may not think about when you’re in the excited phase. It IS personal. It can be REALLY hard to separate the personal and professional when working with friends. So it’s always good to put expectations in writing right up front.
- Avoiding assumptions. You know each other, so it’s easy to assume you and your friend are on the same page about the desired outcomes or any other details. Discussing the details upfront makes sure there is no confusion.
- Things Fall Apart. It is ALWAYS easier to talk about how to end things in the beginning. Discuss all the terms THOROUGHLY while you’re still friends, you still like each other, and your intentions are pure. The last thing you want is to be trying to hash things out after you fall out with your friend. (this same rationale applies for prenuptial agreements. If you have any assets whatsoever, you should really have one of those too).
Listen. If everything goes wonderfully and you remain friends forever like the founders of Ben & Jerry’s, PERFECT. You don’t need it – tuck it away and never think of it again. HOWEVER, if things go awry, you must have an agreement in place to protect your own interests and save yourself time and money in legal fees.
If you would like some help drafting an agreement, book some time to talk with me here or check out my DIY contracts primer.