Entrepreneurial Pillow Talk

The dynamics of any family business can be a challenge, but they can differ widely from family member to family member within any given family. For example, my brother and I were successful together in business as partners and had a great working relationship. My wife and I had a small, part-time business together while in college, which although successful, helped us learn that we did not want to be in another business together with both of us actively running things. We went our own ways in our careers, although she has always been my most important advisor in all in all of my business deals. We have been blessed with a wonderful marriage for twenty-six years and counting. My father was always my other most important outside advisor.
StartupJournal has an good summary of the issues married couples face when they go into business together. One of the most common rules in family business is learning to keep family and business issues distinct, and keep as few issues as possible from becoming family business issues. This can be most challenging for husbands and wives.
“Still, family-owned businesses must deal with specific — and potentially messy — issues. On one hand, they often benefit from loyalty and stability. Everyone has a vital stake in the business. On the other hand, dissension over money or child rearing might spill over into, say, a meeting to discuss marketing with a colleague. There might be a divorce or an incompetent brother-in-law on the payroll.”
As with any business partnership, think about who you take on as business partners very carefully, thoroughly, honestly, and objectively. This is never truer than it is with family business partners who are spouses. Ask the difficult questions and talk about the challenges and problems that being in business with family will create.
The best rule I ever heard from married business partners: no business talk in the bedroom–ever!