- How Do You Keep Your Spouse from Becoming Your Secretary?
- 5 Signs You Should Break Up with Your Business Partner
- 5 Tips to Improve Your Relationship with Your Business Partner
- Mixing Love & Business: Tips to Owning a Business with Someone you Love
How Do You Keep Your Spouse from Becoming Your Secretary?
So listen in to Yvonne share what life was like for her during this time and how she was able to bounce back even stronger. Play in new window Download. This interview with Yvonne is a very different one coming from an entrepreneur. We love to hear the success stories and the people who make tons of money.
So definitely listen to what she shares because there are some gold nuggets in there on how to deal with the tough personal stuff that all entrepreneurs go through at some point. If you don't have this agreement in place and you hit an impasse in your relationship, you will find that things will get ugly - and fast.
That's because the incentives are all wrong. The partner who wants to leave the business wants to keep as much as he can while the partner who is staying wants to pay out only enough that it won't impact the business. If you don't have a way to structure that deal until emotions are high, you not only risk further damaging your relationship, you might also put the entire health of the business at risk as well.
5 Signs You Should Break Up with Your Business Partner
I know of one example where two partners in a management-consulting firm went through a buy-out where they didn't have an agreement in place when they started the business. The end result was that the partner who stayed with the business was forced to pay a premium to buy out his partner - which left his business with a massive debt burden for the next six years. That could have been avoided with better planning at the start.
While it might seem strange to plan for your partnership breakup from day one, you'll be happy you did it later on.
People's objectives and goals in life change over time. That's as true in marriage as it is in business.
5 Tips to Improve Your Relationship with Your Business Partner
That means it's inevitable that at some point, your partner's goals will begin to differ from yours. The key to overcoming those changes if you don't want to end your partnership is to constantly work on your communication and on setting clear expectations for each other. I met the principals at a financial services firm where the two partners faced this very dynamic. One partner was solely focused on growing the firm while the other partner was comfortable with the level of wealth they had already achieved. Over time, we increased our shared workload and did some consulting together.
After a few months of things going smoothly, we dove in all the way. By no means is that an easy thing to choose.
Your answer will allow the two of you to mutually agree on what can come home with you and what stays at the office. Natalia had an art school background before she became a software developer.
Mixing Love & Business: Tips to Owning a Business with Someone you Love
I studied computer science and worked at startups like Betaworks, Bondsy, and Viggle, which helped give me a grasp of the creative and product sides of development. When we started to work on Picks, though, we had some fundamental choices to make about our own roles: When an important business question arises, who gets the final say?
We collaborate on design, but Natalia often handles the big picture while I do the details. You can double up this advice for your home life, too. One person cooks, the other cleans. One person takes care of the bills, the other does chores.