26 Jan Hollywood & Vine
Every year, millions of tourists visit the legendary corner of Hollywood & Vine. They expect to see a tree-lined street filled with beautiful shops and movie stars. They are almost always disappointed. The Hollywood Walk of Fame is still in the intersection, but not many of the old production facilities remain in the area, and it’s all rather commonplace.
And so it is with Copreneurs. When you go into business with your life partner, you expect it to be exciting and maybe a little bit glamorous. Instead, when you come to the intersection of your business and relationship, you find conflict, disappointment, and the stress of running a business day-to-day. But along with these challenges, there may be some pleasant surprises, too.
New Rituals
Running a business together means you see your significant other a lot. What’s interesting are the new rituals that can develop out of working side by side. When Roy and Mattie started their literary agency, they began comparing notes on the book proposals they’d each read during the day. This led to a nightly “Quote of the Day,” that they’d share with each other over dinner. The ritual became an enjoyable way for Roy and Mattie to tune into their shared interest and business purpose.
New Respect
Adam and Sherry each had successful careers for decades before they decided to buy into a top 50 franchise. Some months into the venture, Sherry was pleased to see how skillfully Adam handled employee interviews and Adam was delighted to learn of Sherry’s talent for promotional writing. Spouses who work separately experience each other’s careers from at a distance. Sherry and Adam got to see each other’s talents and abilities firsthand.
New Rewards
Despite the financial risks, Kelly and Luke felt that running their own business was a chance to create a better financial future for their young family than the security of being employed by someone else. And it wasn’t too many years before their hard work did start to pay off. But there were other benefits they hadn’t foreseen. Like the advantage of extra flexibility when Kelly gave birth to their second child. Or the learning opportunities that came with being involved in every aspect of a startup business. These personal and professional rewards were the icing on the cake.
So often, people focus on the drama or the downside of going into business with your spouse. But there are some fantastic upsides worth remembering, and some rewards you may not be expecting.
This Week:
What surprises have you found at the intersection of your personal relationship and business partnership? What blind spots have you overcome? What hidden strengths have you harnessed?
Copreneurship offers you and your partner opportunities you may not have had otherwise.
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Most leaders accept that at some time in the future, their time at the helm will end and the business will be given into the care of the next leader. However, just thinking about the transition can be daunting and overwhelming for the senior leader. If that weren’t enough, most owners experience their own succession just once. Tandem Partners provides the experience and professional guidance needed to move through the strategic, operational and interpersonal issues that are all a part of transition.