In This Episode
Does the idea of working with your spouse excite or scare you? This thought of, “maybe my spouse/significant other can help with this,” is one that goes through most business owners minds at some point. It’s a perfectly natural question, especially in today’s world where it is getting tougher and tougher to find good people.
There are lots of ways to rationalize it. Your spouse/significant other is likely someone you trust and the more trusted folks you have in your business the better. They also already have a vested interest in the business given their relationship with you. Maybe they bring a different set of skills to the table than you have. Chances are they will also be brutally honest with you and tell you how things are which can be nice when you’re the boss since most of your employees won’t be as forthcoming. The list goes on, but just because you can rationalize it doesn’t mean it’s a good idea to work with your spouse.
During the show today we shared some stories of things going well and then not so well with spouses who work together starting with Adam’s experience of growing up with parents who were in business together. One of the keys to success of working with your spouse includes having the uncomfortable discussions up front and then being sure to continue having those discussions as things progress. It also helps to keep in mind the significant influence a spouse has over the owner since they are sleeping together.
Keys to Success
- Clearly defined roles at home and business
- Uncomfortable discussions up front
- Permission to hit eject button
Potential Downfalls
- Bringing personal stuff into business
- Trust but verify (Reagan/Bush) to prevent stealing or other monkey business
- Losing site of what’s best for organization vs. marriage/relationship
- Lack of respect/trust
- Having secrets
- Letting kids divide you
People, Companies and Resources We Mentioned in the Show
- Secret of My Success with Michael J. Fox (https://www.imdb.com/title/tt0093936/)
- Bear Stearns (https://en.wikipedia.org/wiki/Bear_Stearns)
- Family Ties (https://en.wikipedia.org/wiki/Family_Ties)
- Ronald Reagan, trust but verify (https://en.wikipedia.org/wiki/Trust,_but_verify)
Join Us Next Time
Join us next week when we will chat about how to talk with your banker without getting intimidated!
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