Couples in business – how to own a small business with your spouse or partner, with Dr. Ellyn Bader and Dr. Peter Pearson. Working in business with your spouse or partner can be challenging, and sometimes detrimental to your relationship, or it can be joyful and productive. Ellyn and Pete share stories from their vast experience in helping couples. They are the founder of The Couples Institute where they help entrepreneurial couples better understand and overcome the unique challenges of managing a business and marriage simultaneously and successfully. If you are planning to start a business with your spouse or partner, or if you are currently in a small business together, this episode is for you.

Dr. Ellyn Bader and Dr. Peter Pearson, have specialized in helping couples transform their relationships for over 30 years. Ellyn and Pete are co-founders of The Couples Institute in Silicon Valley,
where they help entrepreneurial couples better understand and overcome the unique challenges of managing a business and marriage simultaneously and successfully.

Ellyn and Pete, now married for 36 years, bring both personal experience and clinical expertise to their clients through innovative programs and intensive workshops, where they have guided thousands of couples to build lives they love with the ones they love.

Ellyn and Peter live in the San Francisco Bay area.

Couples in Small Business:

• Couples in Small Business with Drs. Bader & Pearson:
• In your experience, what are some of the common challenges couples face when working together in a small business?
• How to keep the personal issues from affecting the working relationship?
• Are there questions a couple can ask beforehand to help predict if they can work together in a business?
• What are some techniques you can share for couple who are currently in business together, but it’s not going well?
• What does it look like when couples work well together in a small business?
• “The Candor Solution: 6 key skills for couples to succeed in business together.” Please introduce these 6 skills.
• Teamwork for Two – please share your insights on this approach to working together.
• What are the 3 common reasons businesses and marriages fail?

Tips and Best Practices for Running a Small Business with Your Spouse or Partner

• Define Roles and Responsibilities: Clearly outline who is responsible for what within the business. This avoids overlap and ensures that all aspects of the business are covered.
• Separate Business and Personal Life: Set boundaries between work and personal time. Make sure to allocate time for your relationship outside of the business. This can be difficult to accomplish consistently, but you should try to separate your small business from your personal life as much as possible.
• Open Communication: Maintain open lines of communication about both business and personal matters. Regularly schedule business meetings and personal check-ins.
• Financial Transparency: Be transparent about the business finances. Both partners should have a clear understanding of the financial health of the business.
• Conflict Resolution: Establish a conflict resolution strategy, or rules, for both business and personal disagreements. Consider involving a neutral third party if necessary.
• Celebrate Successes: Take time to celebrate your achievements, both big and small. Acknowledging your successes can boost morale and strengthen your relationship.
• Plan for the Future: Discuss and plan for both short-term and long-term goals. Make sure both partners are aligned in their vision for the business.
• Delegate or Outsource: Don’t try to do everything yourselves. Delegate tasks that are outside your skill set or hire professionals to handle them. Avoid delegating tasks to your spouse that are of low value and possibly undermining the confidence and feeling of equality in the partnership.
• Take Time Off: Running a business can be exhausting. Couples in business need to make sure to take time off to recharge, both individually and as a couple.
• Seek Professional Advice: Whether it’s legal advice, financial planning, or business coaching, don’t hesitate to seek professional advice to help your business and relationship thrive.
• Flexibility and Adaptability: Be prepared to adapt roles and plans as the business grows or as personal circumstances change.
• Emotional Support: As couples or partners in a small business venture, try to be each other’s cheerleader. Running a small business is a rollercoaster of highs and lows, and emotional support from your spouse or partner can be invaluable.
• Document Agreements: Put important agreements in writing, such as ownership percentages and what happens to the business if the relationship ends, as you would with any partnership regardless of relationship. You can learn more about Small Business Partnerships on Episode 465 – Prepare for Successful Small Business Partnership.
• Set Boundaries: Establish physical and emotional boundaries. For example, avoid discussing business during family dinners. And be sure to treat each other with the same respect your would show for any other partner or employee of your small business.
• Review and Adjust: Periodically review your business plans, roles, and personal relationship to see if any adjustments need to be made. Remember that we all change over time and can fall out of alignment with each other and the business.

Dr. Ellyn Bader from The Couples Institute emphasizes the importance of communication and differentiation in couples or spouses who work together. She states, “Differentiation means being able to have differences, have disagreements, and still stay emotionally connected to each other. It’s a huge skill set for couples in business.”

Running a small business with your spouse or partner can be rewarding but also challenging. By following these tips and best practices, and the advice shared on this episode of The How of Business podcast, you can navigate the complexities and build a successful business while maintaining a healthy relationship.

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