Running a Business with Your Spouse: A Good Idea?

They said running a business with your spouse was a bad idea.

• "Do you really think you can work well with your wife?"

• "Aren't you worried about the strain this will put on your marriage?"

• "Aren't you increasing financial risk by putting all your eggs in one basket?"

• "Can you truly be honest with feedback for your wife in a work setting?"

• "Isn't it healthier to have areas of your relationship separated?"

These are all legitimate questions and well-intended. It's no wonder that whenever I meet people who discover that run a business with my spouse that they often look surprised and slightly concerned.

It's now been over 8 years since we were able to bring Tina on board at Ideation. When she first transitioned out of her corporate role to join us full-time, it was a full-circle moment for us. Tina had been so pivotal (behind the scenes) in building and launching Ideation since it was just an idea back in 2007. I had always dreamed that we could one day run a company together.

Now, I completely understand that not all spouses are going to be complementary working together. Nevertheless, for us, it's worked and it's worked well. For us, we've found the following benefits of running a business with a spouse:

1. Shared Vision and Values

When it comes to running a business, aligning your vision and values is crucial. As spouses, you're likely to already share similar values and outlooks on life, which can translate into a common understanding of your business's mission and goals. This alignment can foster strong collaboration in a working environment and pave the way for shared success.

2. Trust and Transparency

Trust is the cornerstone of any successful business partnership, and there's arguably no one you trust more than your spouse. This level of trust can lead to unparalleled transparency in decision-making processes, reducing the chances of conflicts and misunderstandings. It's a great feeling to know that Tina is someone I don't ever have to second-guess. We have learned to give each other line of sight into all of our projects and client relationships.

3. Balancing Strengths and Weaknesses

Every individual brings a unique set of skills to the table. As spouses, you're likely to be aware of each other's strengths and weaknesses. This knowledge can help you determine roles and responsibilities effectively, ensuring that all aspects of your business are managed by the most capable hands. Tina's experience and expertise in analytics, data, finance, and management have been nice compliments to my strengths in strategy, creative, brand marketing, and leadership development.

4. Work-Life Balance

Running a business with your spouse allows you to blend your personal and professional lives seamlessly. You can set a flexible schedule that suits both your business and family needs. Plus, sharing the highs and lows of business ownership with your spouse can bring you closer as a couple. Tina joined Ideation when our kids were 12 and 8. Leading Ideation together gave us the freedom to stay as engaged as we did with our kids through those formative years.

5. Financial Benefits

Starting and leading a business requires a significant financial investment. When you're in it together, you can help each other stay creative with resources and mitigate the financial risk since you both have line of sight of what's truly needed in light of your goals. Tina and I always challenge ourselves to live below our means so that we could build a stronger financial future together. As a result, we've been fortunate to save, invest, and even launch a family foundation to support humanitarian efforts around the world.

Running a business with your spouse isn't without its challenges. It requires clear communication, setting boundaries, and maintaining a healthy work-life balance. However, with the right approach and commitment, it can be a rewarding journey that brings both professional success and personal fulfillment.

Remember, the couple that works together, grows together. Embrace the opportunity to create something meaningful with your life partner, and you might just find that it's the best business decision you've ever made.