Thursday, August 21, 2008

Spouse and Business Partner: Making it Work

This is a topic that is near and dear to my heart. At Real Living, my husband is the CEO, and I’m the president. Being a husband-and-wife team has its ups and downs, but for the most part, it’s a great opportunity. You’re sharing your business success with the same person you plan to spend the rest of your life with.

But the road can be bumpy if you don’t take the time to define your individual roles. Determine from the get-go who has the final say on decisions and who’s responsible for various functions in the company. That’s a must.

Then there’s the issue of financial and emotional risk. When you’re both involved, that obviously increases. But there’s an awesome tradeoff that you simply can’t ignore: When everything is running smoothly, it’s doubly rewarding—and you’ll be able to enjoy that together.

Do you have any great success stories about working with your spouse? We’d love to hear them! For more tips on working with a spouse or business partner check out Life Lesson Five in Real You Incorporated: 8 Essentials for Women Entrepreneurs.

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1 comment:

John said...

My wife and I have been together for 8 years now, and we begun as business partners. It all started with the small business loans that I had obtained to expand my company. After a few months of being acquaintances, she offered to add some to my unsecured loans, and so we became business partners. We fell in love in the process, and then we married after a couple of years. Next week will be our 9th anniversary, and we're very much happy with life.