The highs and lows of husband and wife business teams
Complete the Beyoncé and Jay-Z Family Business Survey and start a life changing conversation with your spouse now.
Do you and business partner wake up in the same bed every day?
I specialise in working with husband and wife family business partners. Typically, businesses such as these are often built on the profession of one of the couple. Husband and wife family businesses like these make up the majority of small business partnerships in Australia. Often (but not always of course) it is the husband’s trade or profession that lies at the foundation of the business, and he runs the operations of the business (the actual work of the business), while the wife runs the marketing, finances, the HR issues, and the admin.
“Roland helped us get clear on our roles and responsibilities in the business and find a realistic balance between work and home life again… Business is Fun again”
Mark and Linda
A business partnership such as this can be highly satisfactory and profitable and what’s more, it can allow the couple to grow and develop together. But there are also a bunch of unique challenges to developing a small family business and having it become a Great Business that Stands the Test of Time.
Complete the Bey and Jay Family Business Survey
How do you compare to Bey and Jay? Click here to find out now.
Take the Beyoncé and Jay-Z Family Business Survey, to find out how you rate against the world’s most famous married business partners. Complete the questionnaire here. It will take you no more than a few minutes to complete and you will receive a 2 page report with your score, showing where you sit on the Bey and Jay Family Business Scale. Ideally you and your spouse should both complete the survey independently and then compare results. It’s fun and it will lead to some great conversations between the two of you… I promise you
The unique challenges of husband and wife business partnerships
- It’s especially difficult to ‘leave work at work’.
- Sometimes the spouse who joined as the admin and finance partner (the wife often) can feel like they’ve sacrificed their career for that of the operations partner.
- Sometimes the admin partner has joined out of necessity rather than from skill, training or experience in this field.
- Relationship dynamics can get in the way of business partnership dynamics.
- If the business fails it can wreck the marriage as well.
- Uneven power dynamic can cause tensions in the office and at home.
- Issues of hierarchy may creep into the relationship.
- Hiring can be an obstacle for husband and wife teams.
- Investing in a husband-wife business looks risky for outside investors
We love being life as well as business partners, we’ve learned to communicate at a completely different level with each other and we both love standing in the centre of our lives having this great sense of control.
Anh and James
Here is a great info graphic about how to make a success of being in business with your spouse on the Business Families foundation website
What you can expect:
How I’ll help you build a business that supports your family rather than fights with it:
- Develop absolute clarity about your roles and responsibilities in the business, allowing both of you to relax knowing that the important stuff is handled every day and every week.
- Implement better bookkeeping, workflow management and project management systems. Your fingers on the pulse of all the key indicators of the health of your business, as opposed to keeping your fingers crossed.
- Develop absolute clarity abut the Purpose of your business; the reason your business exists and why anybody else would care about that. Know where you’re going and how you’re getting there.
- Build relationships with the right people. Referral marketing is the most powerful way to build your business.
- Develop marketing strategies that mean you get to build your business with the right type of clients. Clients walk in the door, wanting to do business with you.
- Develop and implementing Quality Improvement systems that allow you let your staff get on with things confident the work will be consistent. Make your business run like a Swiss clock.
- Develop and implement better hiring systems so you can be sure you get the right people on the bus
- Create a balance between work and home that is practical and flexible; Learn how to ‘leave work at work’ when it needs to be left there.
“One of the reasons we decided to go out on our own was to increase not just flexibility but we wanted freedom of choice … to be the masters of our destiny and that is definitely one of the benefits of running a husband and wife business.”
Kylie and Jake
You may also want to have a look at the website of Family Business Australia. There are a bunch of great resources and information there as well. Follow this link
Download the Bey and Jay Family Business Survey
Don’t forget, take the Beyoncé and Jay-Z Family Business Survey, to find out how you rate against the world’s most famous married business partners. Complete the questionnaire here and you’ll receive a 2 page report usually in hours.. It will take you no more than a few minutes to complete. Ideally you and your spouse should both complete the survey independently and then compare results. It’s fun and it will lead to some great conversations between the two of you… I promise you
More reading and resources for Husband and wife family business owners:
- I have a comprehensive list of resources for family business on this page here
- I’ve written about my own experiences in family business here
- I’ve written about some of the challenges for husband and wife business partners here
- I wrote about how to make family business work well here
- Here is a LinkedIn article about husband and wife family businesses I wrote
- And also an article on Medium.com about waking up beside your business partner every morning
- And of course don’t forget to take the Bey and Jay Family Business Survey and find out how you compare to the King and Queen of the music business here
If you recognise some of the challenges above and you’d like to explore how I can help you overcome some of those everyday struggles and start to make the most of the exciting opportunities as a couple in business, fill in the form below to book in a totally free, no obligation, Discovery Session with me via Skype.
Read here about all my regular business coaching and mentoring programs