It can be a real challenge having to deal with a partner in business. It
can be even tougher when that partner is your spouse. The result can be
pure craziness or business bliss — depending on whether you take the time to
carefully structure your business relationship. Still, husband/wife teams have proven to be a winning combination for
millions of small businesses. During the 1980s, the number of businesses
run by married couples increased more than 90 percent, according to the
Small Business Administration. These weren't just mom & pop shops, either.
In 1995, a full one third of the fastest growing private companies on the
Inc. 500 list were owned and operated by husband and wife teams.
There Are Distinct Drawbacks
Companies can be torn apart if the unique relationship between husband and
wife partnerships takes an ugly turn. The most obvious: misunderstandings
can bring marital troubles from home into the business, eventually
resulting in failure and the loss of jobs and money. Worse, the business
can (in fact, generally does) become a pawn in divorce settlements. That's
because it's often the single greatest asset in the marriage. In this
respect, working together can be a detriment to both the business and to
the marriage.
And Distinct Benefits
Still, the benefits can far outweigh the potential disadvantages. Couples
who know how to work closely together share a unique dedication and loyalty
to their business's success. And let's face it, it's also fun to be able to
work shoulder to shoulder every day with your life partner in a common
purpose. That's why, best of all, husbands and wives who are successful in
business together tend to enjoy peace and harmony in their personal lives
as well.
If you're part of a husband and wife business partnership, here are a few
suggestions to help ensure that both the business and the marriage continue
to prosper.
Divvy up responsibilities. Maintain clear and separate areas of
responsibility. If necessary, write down job descriptions. Then leave each
other alone to do his or her job. Perhaps she heads up marketing and sales,
while he focuses on product development. This division of labor is crucial
for maintaining the working relationship.
Other wise you will literally be stepping all over each other. It will only
be a matter of time before problems develop, resentments build. Sure, you
love to be together, but too much of a good thing can make you miserable
and drive you apart.
Keep your personal lives out of the conference room. Conduct yourselves
professionally at all times while on 'company time.' Public displays of
affection, personal conversations or other signs of intimacy can embarrass
or alienate other workers. Worse, they can disrupt the smooth flow of
business. It should be possible for strangers to walk into your company
and, based on your actions and conduct towards one another, not know that
you have a relationship outside the business.
Keep business out of the bedroom, or anywhere else in the house, for that
matter. Many spouse teams are so busy all day that they don't have much
time to talk about business. So, they take half an hour or so after hours
to catch up, unwind together and make the transition from business partners
to marriage partners. Then they put business away for the day. The idea is
to strike a healthy balance between your business life and your personal
life.
Get away with each other. Plan work-free vacations and get-away weekends so
you don't ever forget that you're much more than business partners.
Get away from each other. It's unrealistic to believe that you can be side
by side 24 hours a day and still maintain a healthy outlook and attitude.
Develop outside interests in things that belong strictly to you.
Capitalize on the benefits of being in business together. Maybe one of you
works just 20 hours a week or splits hours between home and the office or
shop. The point is that you have the luxury or setting your own hours and
planning your own schedules. Reminder: make sure all schedule changes are
part of a well thought-out plan. Otherwise, work days run the risk of
becoming too casual.
Protect your partner's investment in you. If you die or become disabled,
how will your partner continue? Your needs are unique, unlike those for
other business owners. Develop contingency plans
to protect you both in the event of death, divorce or planned retirement.
Meet with your attorney to develop written contingency plans.
Be the first to Comment
