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This is a recurring theme with many of our clients. Let us examine some of our discussions and advice.
Here are some cons:
- Spouse if working elsewhere may be entitled to ‘benefits’ from their employment and thus add value to the bottom line for the family income.
- Group thinking – You reinforce each other’s perspectives and insulate yourselves from alternate and varied thinking.
- Too much ‘shop talk’ at home can alienate your kids.
- Business adversity as well as jostle for ‘decision making’ can challenge personal relationships.
- Your staff may feel like ‘outsiders’ and often feel curtailed from being candid.
- Lack of diversification – All eggs in one basket – that of your business.
- Too much togetherness can strain your relationship (remember the saying ‘absence can make the heart grow fonder’)
Here are some pros:
- Better trust levels and greater privacy.
- Shared goals and perspectives.
- You can avoid that long and arduous process of finding the right fitting ‘partner’.
- It could strengthen your relationship as you endure your ‘ups and downs’ together.
While there are many success stories of family run businesses, running a business with your life partner is not for all.
Ideally you want to keep your duties and responsibilities separate and distinct both at home and at work.
Try keeping a balance by having different interests outside of work so both partners have other outlets, friends, interests and support structures.
The advice: Only you can decide if running a business with your spouse / life partner makes sense for you – Different strokes for different folks.
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