On St. Valentine’s it only seems fitting to look at the growing trend of couples going into business together. From IndyStar.com:
“Copreneurs,” as they’re called, are a rapidly growing segment of business partnerships. The number of husband-wife companies has more than tripled since 1990, topping 3.6 million, according to the U.S. Census. Glenn Muske, co-author of a 2002 study titled “Copreneurs as Family Businesses,” believes the number of copreneur firms is “greatly underestimated.” He said couples are leaving corporate jobs and opening businesses, but for reasons beyond the bottom line.
Family and lifestyle considerations are among the main reasons couples are tying a double knot and becoming both life and business partners. Although it can get rather complicated and for some couple overwhelming, it can work.
And that is the key word: work. A good marriage takes hard work and a good business partnership takes hard work. Putting the two together and making them both work creates the need for a tremendous amount of effort and planning. It rarely just “happens.”
Think it through very carefully. An article from Inc.com quotes an expert who estimated that only 5% of couples can make a combined business and marriage partnership work.
The challenges of being both types of partners at once are not just twice as many; the challenges can feel like they go up exponentially. That is why I like to refer to it as a partnership squared, rather than a simple double partnership.
But to all of you couples giving it a try, Godspeed and Happy St. Valentine’s Day!