If your marriage and business are linked because you and your spouse co-own a company, then you know the potential for conflicts is huge. But, so are the rewards - if you take the right approach.
My wife, Carmen, works in my office with me and we know the challenges that can come with working together. Below are common stumbling blocks "co-entrepreneurs" face and smart management strategies you can use to turn them into competitive advantages. When these challenges come up, your business coach or financial adviser can guide you through them and work with you to find effective solutions.
Challenge 1: More arguing. "You're around your spouse more, so you deal with all the things you don't like about them more," says Kathy Marshack, Ph.D., author of "Entrepreneurial Couples: Making It Work at Work and at Home.
"Your spouse cares more about you and the business than anyone else, so it makes sense that you will argue," she says. "Don't think your marriage is falling apart."
Solution 1: Recognize that the clashes stem from different but complementary strengths.
Focus on appreciating your partner's perspective. Maybe you are a big-picture person interested in industry trends, while your spouse loves nitty-gritty details and managing your company's finances. Sure, it would be nice if you saw eye-to-eye on every single business issue you faced, but remember that, in the long run, your differing views make you a true team - and this in turn gives you a better business.
Challenge 2: Limited business growth. Couple-owned companies are generally small and slow growing as the owners struggle to balance work and life issues. Trying to dedicate yourselves fully to both endeavors often creates a depressed company and/or an unfulfilling home life.
Solution 2: Rather than split your loyalty, make a conscious choice to put either family or business first. With a clear mandate driving decisions in both arenas, you can prioritize and enjoy the results.
Maybe you have young children, for example, and want to fully enjoy the experience of raising them in their early years. One solution might be to purposely reduce the number of clients you're serving and perhaps focus solely on those with whom you have the closest relationships. Then, rather than fretting over lower revenues, savor this special time with your children instead - it only happens once, and believe me, it goes by quickly.
Challenge 3: Spillover. "The flip side of the passion is that you talk about [business] all the time," says Amy Schuman, of The Family Business Consulting Group in Marietta, Ga. "There's always something to do; you never catch up" on what is happening in your personal life.
Solution 3: Setting boundaries can strengthen your business relationship as well as your personal relationship. Some business-owning couples may even go as far as to establish physical boundaries. If you work at home, for instance, business discussions might be limited to an area that serves as your home office - or at the very least, business talk might be strictly prohibited in places such as the family room and your bedroom.
If you drive together to an office outside your home, maybe the 20 minutes you spend in the car together is devoted to personal matters, like discussing what movie you'd like to see next weekend or summer travel plans. Whether mental or physical, a little separation ensures that you and your spouse aren't all business, all the time.
• William Creekbaum is Reno-based financial adviser. He can be reached at William.a.creekbaum@smithbar
ney.com or 689-8704.