Who Needs Date Nights When You Can Run a Business with Your Spouse?

Almost every time I meet someone new and mention I have worked with my spouse for over 25 years, and now specialize in working with entrepreneurial couples I get the response – “I don’t know how anyone can do that; we would kill each other.”?Or?“We did, it didn’t work and we ended up divorced”

The struggle is real. Given that most small businesses don’t survive past year 4, and taking into account divorce rates still averaging 50% of all marriages, one might consider that any business co-owned with one's spouse can be classified as highly demanding and risky.

After all, entrepreneurial couples have a lot on the line; their relationship, their income coming from one source, the business loans many take on, and much more.

This can put a lot of pressure on us, and it can be extremely tiring as a result.

Sometimes when challenges, disruption, or a lack of time off wear us down, it can be helpful to remind ourselves of the benefits of why we have put so much on the line – our relationship, our income, and our mental health when we choose to own a business with our spouse.

When that occurs, I find leaning into our "Why are we doing this?" gives the confidence, energy, and stamina to continue on this outlier's journey.

Here are my top 3 whys for deciding to work (or continue to work)?with one's spouse;

1)???Communication. ?When you work with someone who understands you?intimately, it eliminates a lot of the communication barriers that can hinder productivity and efficiency. You don't have to explain your thought process or motivations as much, because your partner already knows you so well.

Over time, your communication becomes more intuitive, with a gesture, look, or a simple phrase acting as a cue – your own private language, if you will. We all know the benefits of effective communication; when it's in a high stakes environment, it can make all the difference.

2)???Support.? Working with your spouse can lead to a greater sense of trust and shared goals. You know that your partner has your back, and you can rely on each other to push through tough times and make important decisions.??When I burned myself out many years ago and needed some time off to recharge, my spouse took the reins for our business, making sure that our investment was protected; I knew that he was the only person I could fully trust to do so.

Was it a bit of a trusfall??You bet.??I had a certain way of working, managing our team, and communicating which was very different than my spouse.?As one example of many, I always liked a daily update email from all of our staff outlining key deliverables and where they might need my help.?This works well for me because I like to structure my days so I don’t have unscheduled interruptions.???My husband Douglas is the opposite; he likes to deal with things real time as they take place and takes asks for his help or guidance in stride.??(Even when it was me asking him for tech support for the tenth time today!)

3)???Legacy.??No matter how you choose to define legacy, knowing that you are creating something with your life partner ?that makes a positive impact on others is very powerful and a compelling reason to continue your collaborative entrepreneurial partnership. ??I share more on the legacy of the insurance brokerage that I owned with my husband in this recent post.

Of course, it's not always sunshine and roses. Working with your spouse requires a lot of patience, compromise, boundaries, and healthy communication. But if you're willing to put in the effort, the benefits can be immense.

I truly believe that owning a business with your spouse can be one of the best decisions you ever make for your career and your personal life.?In my experience, there are?huge rewards and payoffs which can far outweigh the challenges.?

?Now, on to this issue’s entrepreneurial couple feature!

Wendy Brookhouse CEO of Blackstar Wealth, has worked with her spouse Kelsey for over 10 years.??She describes herself as a reluctant entrepreneur who became an expert advisor over the years.???Wendy shares?“Being a woman in business can sometimes be challenging, and it's not always easy to break into the old boys club. However, having my spouse on my side has helped. He can enter and form those relationships that I may not have been able to, which has been beneficial for the business. It might still aggravate me that this strategy is necessary, but we also believe in divide and conquer - he goes off to one thing, and I go to the other.?Making sure we are using our unique strengths to reach our common goals. ??Read more about Wendy and Kelsey's story in this blog post,??

Would you like to tell ?the story of your entrepreneurial couple business? Reply back or send me a pm and let’s connect!

Before I wrap up this issue, a quick reminder.?If you’d like to hear me speak about Navigating the Challenges of Couple-Owned Businesses,?my story of creating a 7 figure business with my spouse,?how we successfully sold our business, or more of my entrepreneurial stories, check my media page.?

To your lasting loving legacy,

Anthea

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