Seven tips for spouses to succeed as business partners

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Within two years of operation, Fola and Funmi almost ended their bakery business, which they started some years ago in Lagos.

They nearly quit when the business was almost leading to the crash of their five-year-old marriage.

Apparently, Fola didn’t want to offend his brother, who is about three years older than him–a situation Funmi found unsettling. She said, “There was an occasion my husband lent a friend N400,000 from the money derived from sales. When I confronted him on the matter, he said his friend needed money urgently and he would pay back the following week.“Then, my husband ordered some designer wear using the company’s funds. He also got some items for me which I never needed. All that was on my head was how to grow the business but my husband saw it mainly as a cash cow.

“My understanding was that we didn’t both have a mutual agreement at the beginning of the business and it almost crashed it, as well as our marriage. Thankfully, we are both doing great today,” “Set ground rules about how business decisions will be made to help avoid stress and strain on your marriage. For you and your spouse to be successful in your home business, honest communication is crucial,” Lilyquist wrote onFor Lilyquist, an advantage to having a spouse in a business is that they can each take care of tasks that they are best at.

He said, “It is good for the couples to set boundaries between their marriage and business. When it comes to work, emotions should be detached. There should be no sentiments. Decisions should be purely based on the company’s goals and objectives, not on personal relationships. “Success in any goal involves evaluating and readjusting. The same is true in a business run by spouses. It’s important that they take time at least once a month to review their goals and accomplishments, as well as discuss issues and concerns, and make any adjustments needed to keep their business on the right path,” she said.

“Running a business requires a great deal of faith, both in your own abilities and those of your business partner. Couples should ensure that fundamental trust is there at the outset. Much of the process is ‘divide and conquer,’ so it’s imperative to trust your partner and also for you to feel they trust you equally,” he said.All rights reserved.

Apparently, Fola didn’t want to offend his brother, who is about three years older than him–a situation Funmi found unsettling. She said, “There was an occasion my husband lent a friend N400,000 from the money derived from sales. When I confronted him on the matter, he said his friend needed money urgently and he would pay back the following week.“Then, my husband ordered some designer wear using the company’s funds. He also got some items for me which I never needed. All that was on my head was how to grow the business but my husband saw it mainly as a cash cow.

“My understanding was that we didn’t both have a mutual agreement at the beginning of the business and it almost crashed it, as well as our marriage. Thankfully, we are both doing great today,” “Set ground rules about how business decisions will be made to help avoid stress and strain on your marriage. For you and your spouse to be successful in your home business, honest communication is crucial,” Lilyquist wrote onFor Lilyquist, an advantage to having a spouse in a business is that they can each take care of tasks that they are best at.

He said, “It is good for the couples to set boundaries between their marriage and business. When it comes to work, emotions should be detached. There should be no sentiments. Decisions should be purely based on the company’s goals and objectives, not on personal relationships.

 

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