Love, Laughs, and Ledgers: The Hilarious Journey of Running a Business with Your Spouse

"Hey honey, did you send the proposal to the Smith's?" "No, you said that if I get the kids to class you would take care of it."

"Why are you spending so much time with Gina in your room? I saw her looks... you should move her to a different position."

"I can't find the printer paper; where did you put it?" "On the top cabinet by the cereal, honey".

"What is the marketing strategy for next quarter?" "I thought we agreed we don't talk business on our night out."

If any of those sound familiar, you might be one of the many couples navigating the choppy waters of running a business together. They say, "Don't have business with family or friends," but we do anyway, believing that we are different, and for us - it will work just fine. It's a journey full of unique rewards and challenges. So, grab a cup of coffee, and let's dive into the wonderland of navigating the ups and downs and learning how you can keep both your business and relationship thriving.

Risks of running a husband and wife team business

As you can imagine, the biggest risk is ruining the relationship. Things that work as a couple may not always work in a business setting, and vice versa. An argument that started at home can shadow the relationship at work and affect productivity and communication. Blurred boundaries and responsibilities are fine at home but may not be the best idea at the workplace.

Let's take a close look:

Blurred boundaries between personal life and business could affect the couple's dynamics. Business discussions can easily spill over into dinner conversations, turning your living room into a boardroom.

You: "Sweetheart, did you remember to order more inventory?"

Spouse: "I'm trying to enjoy my wine here. Can we not talk about work for just one evening?"

You: "Sure, inventory is a bad subject with wine, just after you reminded me about the budget for next month."

Leadership Conflicts: Disagreements about the direction of the business can become personal battles.

You: "I believe we should go with the new supplier."

Spouse: "Are you questioning my choice again? Remember who had the brilliant idea of using the delivery service!"

You: "Yes, dear, and I’m just here to make sure we don't go bankrupt."

Favoritism - As a spouse, you may expect your opinion to matter, or you may get involved in areas that are out of your responsibility domain.

Spouse: I heard John wants to expand the support team. You shouldn't agree to that.

You: But he is the service manager, honey...

Spouse: And I am your spouse. Who do you trust more?

Decision-Making Power: One partner might dominate decision-making, leading to feelings of inequality and resentment.

You: "I think we should expand the product line."

Spouse: "I’m not so sure. We've got enough on our plate."

You: "Fine, but let's not make this a solo decision. We need to be on the same page."

Conflict Avoidance: If you fear that business disputes will harm your personal relationship, you might avoid important, albeit tough, conversations.

Your Sales Manager: So, have you decided on the campaign budget yet?

You: I have to talk to my spouse first. It's a sensitive subject, and it is our anniversary this week. I need to find the right time.

As you can probably relate to some of those examples, it can get tricky sometimes and can hurt the business and your relationship. Don't let it discourage you, as there are ways to make it work and have fun along the way.

So, if you finished the coffee (that you took when starting reading this blog post), it is time to switch gears. Have a drink and continue reading.

How can you make it work

As you can see, in addition to all the typical challenges a small business might have, the duality of a relationship can get confusing and get in the way. It might be easier said than done, but the first step is to acknowledge that these are indeed two different relationships and should be treated as such.

Here are some steps you should consider:

Set clear boundaries

• Separate work and personal time - Even when there is an urge to talk about personal matters at work or business matters at home, try to separate between the two and stick to it. Just like you would have done with a non-spouse partner. If you work at home, try to set up a home-office, where work is being done and discussed.

• Define Roles - Even if you equally own the business, define specific roles and responsibilities. When your spouse makes a decision in their domain that you disagree with, you may give advice (when asked), but you have to let go and let each one lead in their own role.

Decisions and disagreements

• Shared Decision-Making: Ensure that both partners have an equal say in important business decisions. This helps balance power and prevent resentment.

• Conflict Resolution Strategy: Develop a clear plan for resolving disputes, which might include seeking input from a trusted third party or business advisor.

Financial Planning

• Separate Finances: Keep personal and business finances separate to manage risk. This means separate bank accounts and credit lines. It will also help you better understand the business performance.

• Emergency Fund: Build a financial buffer to handle unexpected business downturns without affecting your personal life.

Communication

• Regular Check-Ins: Schedule regular business meetings (not in the hot-tub with a drink) to discuss operations, finances, and future plans, keeping these conversations professional. Try to come up with agenda and goals for the meeting.

• Emotional Intelligence: Practice active listening and empathy to understand each other’s perspectives and emotions. If stress comes in the way, develop a plan of action so that the business will not suffer.

Running a business with your spouse can be fun. It can deepen the relationship, build trust and communication, and enhance the bond. By recognizing the risks and having a solid plan to handle and mitigate them (before they happen), you can run a successful, thriving business together without sacrificing your relationship.

While running a business with your spouse can feel like a roller coaster, with clear boundaries, open communication, smart financial planning, and equal partnership, you can enjoy the ride together.

Here's to love and business success!