Finance expert Mike Periu on how the end of a marriage doesn’t necessarily mean the end of a business partnership, Divorced Couples can still make their business succeed.
According to the Bureau of the Census, there are approximately 3.7 million businesses that are owned by husband and wife teams. With approximately half of first-time marriages ending in divorce, there is a high likelihood that a couple who build a business together may not build a life together. The obvious advice is to part ways professionally if you do so personally. But what if neither partner wants to leave the business? Is it possible to work together?
According to divorced couples that continue to work together, the answer is yes but it requires:
- Mutual respect earned through open communication, predictability and compassion.
- Professional, therapeutic help because you won’t have time apart to heal from the wounds of divorce and navigating the period immediately following separation is emotionally draining.
- A written agreement (if one isn’t in place already) that outlines how the business will be run, how each party will be compensated, how decisions will be made and what happens in certain circumstances like incapacitation.
- A good talk with employees, letting them know what is happening and reassuring them that business will continue.
About small business finance expert Mike Periu
Mike Periu has experience in small business finance. He founded Proximo, LLC a company that offers consumer and small business training services focused on technology and money.
Mike Periu teaches individual empowerment through entrepreneurship and financial literacy. He has appeared 500+ times on television and radio. Visit the Reach and Media pages of his website to learn more about where he has appeared.
You can read more of Mike’s articles on his blog or at American Express OpenForum, Yahoo! Finanzas and the Huffington Post.
Mike has a degree in International Business and Finance which he received at Georgetown University in Washington, DC. He received a Fellowship from the Kauffman Foundation for the Labs for Enterprise Creation program in Kansas City.
