Determining if Your Spouse is the Best Business Partner

Should Your Partner be Your Partner?

If you are thinking about starting a business you may not want to do it alone. Owning a business can be more than a full time job and getting the right person to help you can make the difference between success and failure. Where can you find the right business partner He or she may be closer than you realize. Your spouse might be the perfect business partner. But, there are positive and negative aspects that must be weighed in deciding whether this is the right situation for you.

Positive Aspects

You trust each other.

The right partner can be a blessing to your business, the wrong one could be a curse. Can you trust this person with your business If you trust your spouse with your life, and his or her skills and values are a good match for yours, this could be a great foundation for a business partnership.

Shared perspective.

Business, like life, can be a roller coaster with lots of ups and downs. As the two of you go through life you have greater empathy, compassion and support for each other. This could make it easier to cope with the pitfalls of business and to enjoy your victories.

Skip the search process.

The process of finding, interviewing and testing out a partner can be a tough one. Even after the process, theres no guarantee it will work out. Save time, money and effort by skipping the search and choosing someone you already know everything about.

The team effect.

Working together can enhance your relationship. Creating something of value together can deepen your bond and connection.

Negative Aspects

There is no escape.

Problems in your business can create friction which could cause problems for your relationship and vice versa. It can also be more difficult to separate your personal and professional lives. Spending all your time with each other may also cause some conflicts.

Us vs. Them.

Top talent may not be interested in working for a business run by two spouses and it may be hard to maintain a strong business culture. Couples protect each other and an employee may not want to tell one spouse that the other is causing problems.

Financial diversification.

All of your familys financial eggs are in one basket in this situation, unlike dual income families. If your business fails, so do your familys finances.

Missing benefits.

As a small business owner, if you want medical insurance and other benefits, you need to pay the whole cost yourself. If your spouse could work where such benefits are available, it could save your family a lot of money.
If youre starting up a business, or currently own one and are thinking about partnering with your spouse, there are many legal issues to be considered along with the personal ones. Contact the Bethesda and Rockville, Maryland business law attorneys at Longman & Van Grack if you have any questions or concerns by calling (301) 291-5027 today.