Even small businesses are complex entities, and when they are intertwined with a marriage, a split may dredge up layers of history and conflict. In any partnership, it is likely that there have been moments of tension, struggles for power, and disagreements. It is important to diffuse that pent-up tension and try to start a [...]
Forbes Magazine recently published an article about a couple who went through a bitter divorce 25 years ago that split the family and split the family business. The wife got the company trade name and two stores. Husband got two stores and became his former wife’s fiercest competitor. They didn’t speak to each other. The [...]
If you are thinking about starting a business, whether with a family member, partner, by yourself or with multiple friends or family, there are some important things to do and think about as you get the business up and running. Here are some of those things, and remember, speak with an attorney to get specific [...]
Running a business can be stressful. If your business partner is your spouse, it can get even more challenging. A husband and wife team, Dave and Kathy, ran an event planning company I worked for soon after graduating from college. I always admired them for not only running their business well, but for maintaining a [...]
Savvy business owners include plans for what happens if a partner dies or wants to leave the partnership in their business formation documents. Married couples in business together are wise to make the same plans. There are three critical terms that married couples should consider including as provisions in their business formation documents. 1) A [...]
It may seem unromantic to plan for the worst, but, like most unromantic things, it’s extremely practical. Forming a business with a spouse can be an incredible, invigorating experience; but it can also be stressful, fraying, and destructive to any relationship. It’s good to know all that going into it, and know that your business [...]