An article written by Rachel A. Weinberg, PE
It is no secret that partnership, whether in marriage or business ventures, holds immense value and plays a crucial role in achieving happiness and success. But what if your life partner is also your business partner?
My husband and I have been life partners for just over 10 years. We have embraced the concept of partnership and are navigating through the ups and downs of life together. Our journey as partners has recently extended beyond our home and into the world of business. We recognized the value of combining our skills and expertise to create a business that we are both passionate about. Thus, we are now newly licensed small business owners. Launching a business together has been exciting and challenging, and our partnership in marriage has laid a strong foundation for our success.
Being asked by the PEP Talks newsletter to share our thoughts on being both new entrepreneurs and life-business partners was both an interesting and intimidating opportunity. In this article we hope to share our thoughts on what we have found to be the benefits and challenges in our dual partnership journey so far.
The Benefits:
Trust
Trust, for instance, is an important aspect of any successful partnership. A married couple already has a strong level of trust with their partner. This confidence can facilitate open and honest communication in business matters.
Complementary skill set
Complementary skills and expertise are another benefit to having your life partner as your business partner. Your partner may possess skills and qualities that complement your own, leading to a well-rounded team that can tackle various aspects of the business effectively.
Work-Life integration
One of my favorite benefits in having your life partner as your business partner (and one that might surprise you) is work-life integration. Integrating work and personal life offers us more flexibility in managing responsibilities and allows us to find a balance that suits both our personal and business needs. With our growing family and having young children, that flexibility is essential for our happiness, success, and sanity!
The Challenges:
Work life versus family life
While integrating work and personal life has been beneficial for us, establishing clear boundaries between the two is vital. This challenge has been the most difficult for us thus far. So often, we find ourselves discussing work during family time, and, although it leads to interesting dinner conversations, we are reminded by our little ones to turn off work mode. We try to designate specific times for work-related discussions and prioritize quality time for family life outside of work. This aspect is one we continue to struggle with, yet its significance should not be overlooked.
Effective communication
Another crucial tip worth emphasizing is that communication plays a vital role in fostering a successful partnership. Effective communication helps avoid misunderstandings and Conflicts and manage expectations. While effective communication can help reduce conflicts, we recognize that conflicts are still inevitable. When conflicts do arise, we try to handle them constructively. We try to remember to be professional and converse with one another as we would any other co-worker. Focusing on resolving disagreements constructively and finding solutions benefit everyone. Compromising and constructive criticism with honest communication are key to the team effort.
Having your life partner as your business partner can be an exciting journey filled with shared passions and accomplishments. It can be a unique and rewarding experience that leads to a well-rounded TEAM that extends across all aspects of life together. By setting clear boundaries, communicating effectively, and nurturing both your personal and professional relationship, you can make the most of this dual partnership and have the best opportunity for success. Our journey continues, and with it we are sure that new benefits as well as challenges will emerge. But our partnership positions us for success.
Remember, every partnership requires compromise and understanding, but with love and dedication, you can build a successful and harmonious life as both partners in marriage and business.
About the author: Rachel Weinberg is a licensed PE in Mississippi, Washington State and Florida and as indicated herein a small business owner.