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January 14, 2005
Spouses as Business Partners
I have worked with a couple of business start-ups recently in which the business partners were husband and wife. In both cases the couples were still newlyweds. To say the least, this creates some additional challenges both for the business partnership and for the marriage.
Last October Inc.com ran an interview with a couple that seemed to be getting both their business and their marriage off to a good start. Michele and Steve Ferree first decided to start a franchise business together and then decided to get married. They offer some good insights into their dual partnership.
1. "Don't do it by accident."
I agree! I always tell entrepreneurs that they should never be impulsive about starting a business. They should be as thoughtful about starting a business as they are in going into a successful marriage. In this case, they are actually doing both.
2. "Recognize that in a business you're always competing, even with your spouse."
3. "Be prepared for business to get personal."
You need to be honest to be successful in business and in marriage. That requires a lot of honesty between partners who are married to each other!
4. "Don't get stuck in typical gender roles."
5. "Establish a real separation between work and home."
In any family business there are family issues, business issues and family business issues. The goal should always be to keep the family business category as small as possible. Work on your marriage and work on you business, but always at different times.
6. "Fight the business's unfair pull."
Sometimes you just need to turn off the cell phone!
7. "Get a counselor or a coach."
Make sure they are good at business and at marriage.
8. "Keep asking the right questions. Am I being true to myself? Am I helping my partner be true to himself or herself?"
Indeed!
Posted January 14, 2005 05:05 AM
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Comments
Hi,
I manage our business together with my wife, and this is our 12th year.
Yes, couples in business represents an additional risk in such that business issues can get into the way of family life. If business is having a bad day, or one spouse feel the other is not doing the right thing for the business, that could create unnecessary tension.
I have had many friends who make sure that the husband and wife don't have to work together in the same endeavor.
However, it has worked well for us except one -- since it is an entrepreneurial venture, and both of us manage some aspects of the business, one can always take over the other when he/she is not around, but it becomes difficult for us to travel or take time off/vacation together. that can be another pitfall.
Posted by: wilson ng at January 15, 2005 01:14 AM
This is something important to think about. I think that being an entrepreneur and being married would be tough, let alone mix the 2. you'd have to be purposeful about seperating work and home, like they said.
Posted by: katherine davis at January 16, 2005 02:33 AM
at Belmont University in Nashville, Tennessee. He consults with a variety of businesses on start-up and growth related issues, and with larger corporations on re-establishing entrepreneurial cultures within their organizations. Dr. Cornwall's current research interests include entrepreneurial finance and entrepreneurial ethics. He has authored or co-authored four books.
