top of page
Membership
Events
Family Business Insights
News

Subscribe to our newsletter

We Do – Couples in Business, The Birth Of A Family Business?


An important segment of family businesses is spouses in business together or copreneurs. Copreneurs share the ownership and management of a business and represent an evolving area within family business.


Setting up a business together as a couple requires planning, constant communication and a great deal of hard work. The business must be formalised and this includes deciding on start-up funds, creating a team (even if only made up of two people) and dividing roles and responsibilities. The result of a well-thought business plan can be emotionally and financially rewarding. Spousal support is a source of competitive advantage in this type of family business.


Couples may decide to start a business venture together for a myriad of reasons. The drain on quality time at home and the lack of stability in a shifting global economy may be some of the drives. Other reasons for setting up are the ‘glass ceiling effect’ that stops women from reaching managerial positions, downsizing, redundancy, extended working hours and travel demands in the business world. Joint ventures offer the couple the freedom to run an enterprise and the flexibility to do so on their own terms.


Couples running a business together can be one of the greatest tests of a marriage. Copreneurs have their own unique set of challenges as they attempt to combine loving, intimate lives and business lives focused on the bottom line. When not addressed, these dual relationships negatively effect the marriage and business. Keys to success are equality, independence, trust,commitment, compromise, confidence in each other’s work ethic, managing working and family conflict, role priorities and role clarity.


The issue of equality within the couple business venture has drawn the interest of researchers. Females in copreneurships have equal needs for achievement as their partners; they bring drive to the business and also manage the household. Some research suggests that the sharing of tasks and responsibilities between spouses in this kind of firm is not necessary equal. It was found that women, apart from their central role within the business,also assume the traditional role of household manager, while men are mainly engaged in the firm and are responsible for the decision making process. A family business of this type cannot afford to overlook half of its potential talent.


One cannot make generalisations about all spousal ventures,however, research has shown that there are scenarios where the venture works most smoothly when the wife takes a behind-the-scene role.


When considering starting up a copreneurship the basic recommendation is to communicate at length and listen to each other’s concerns. This decision may be approached similarly to any new job and entails careful consideration of the pros and cons. Couples will need to decide if their marriage can bear the added physical and emotional load of running a business together.


Trying to anticipate the critical issues helps as couples working together have a greater potential for tension and conflict. An adaptive response to this complex reality is to have specific and clearly defined roles.


Planning for the future is an important consideration and task for the couple in business. It is never too early to plan for succession and think about one’s retirement as a couple.Children of copreneurs are exposed to the business at a very young age and are well-informed prior to deciding whether or not to enter the family business. This decision effects plans for the future of the business. Copreneurs reap the benefits of early succession planning ensuring the continuity of the business with minimal disruptions.


An eventuality couples may not be prepared for is the disability or death of one of the owners. Preparing for this dreaded circumstance is emotionally a very difficult thing to do, however if the time comes to put the plan into practice, the surviving spouse will be in a better position to cope with the personal crisis without having to address a business crisis as well.


Another reality for some couples in business is separation or divorce. The impact of divorce is complicated, difficult and painful with the assumption that the business will be divided or sold. Divorce may end a marriage but does not necessarily end a business or lead to a family dissolution. The ability of the couple to resolve differences and heal the pain of separation or divorce has both an immediate and a long-term impact on the health and prosperity of their business and the well-being of their family. Notwithstanding all the difficulties and emotional hardship there exist couples who continue to work together even after the termination of their marriage.


The potential for success in post-divorce business relationships increases when there are elements of trust in the business rapport, ability to compartmentalise, synergy, commitment to the business and positive gender issues interact. Strategies for helping family businesses survive a divorce include specific legal contracts such as prenuptial agreements.


The practical recommendations made by couples who own and run a business together are to clearly define each person’s duties and decide who will make the final decision in critical areas, as well as to invest in and find time to communicate as a couple with dignity and respect. Finally, the benefits of working together are to be enjoyed and valued.

About the Author - Roberta Fenech - The author is an Occupational Psychologist currently reading for a PhD at the University of London.

Most Read Articles
Aldi Crowned Retailer Of The Year
Paul Andrews - Founder & CEO, Family Business United
The Future Of Pensions For Family Businesses
Paul Andrews - Founder & CEO, Family Business United
Much Loved Edinburgh Restaurant Reveals New Menu
Linda Andrews - Editorial Assistant, Family Business United
Allied Vehicles Supports Long-Term Housing For Women In Crisis
Linda Andrews - Editorial Assistant, Family Business United
Bagnalls Win Big At West Yorkshire Apprenticeship Awards
Linda Andrews - Editorial Assistant, Family Business United
Nottingham Packaging Firm Joins Forces With Pro-Pak Foods
Linda Andrews - Editorial Assistant, Family Business United
Untitled design copy (8) copy (4) copy-Medium-Quality (1).jpg

Subscribe to our newsletter

SIGN UP AND JOIN NOW!

FBU continues to expand and has a growing membership base around the world. Recognised as THE family business champions we have also gained recognition in both of the Top 100 Global Family Business Influencers list compiled by Family Capital. We are also the VOICE of the family business community, celebrating their contribution throughout the UK and beyond.

sme-capital.png
axiom-logo.png
BM_LOGO_PRIMARY_BLACK_RGB (1).png
western-pension-solution-logo.png
TYWD Logo_Gold & Blue Centered.png
fosters-logo.png
Goodman-Jones-gold-white-v2.png
Birketts_Logo_Strapline_WHITE_on_purple.jpg
Rickard-Luckin.png
Turcan-Connell.png
sme-capital.png
axiom-logo.png
BM_LOGO_PRIMARY_BLACK_RGB (1).png
western-pension-solution-logo.png
TYWD Logo_Gold & Blue Centered.png
fosters-logo.png
Goodman-Jones-gold-white-v2.png
Birketts_Logo_Strapline_WHITE_on_purple.jpg
Rickard-Luckin.png
Turcan-Connell.png
sme-capital.png
axiom-logo.png
BM_LOGO_PRIMARY_BLACK_RGB (1).png
western-pension-solution-logo.png
TYWD Logo_Gold & Blue Centered.png
fosters-logo.png
Goodman-Jones-gold-white-v2.png
Birketts_Logo_Strapline_WHITE_on_purple.jpg
Rickard-Luckin.png
Turcan-Connell.png
Cleenol.png
John-Good.png
6 - Sound Leisure.png
mcalpine-logo.jpg
Potter-Space.png
9 - Bagnalls P&D Passion Logo_Colour.png
ridgeview.png
Malcolm Group Logo Black.png
Walkers-v2.png
JW-Lees-v2.png
Exclusive-Collection-logo-Matte-Black.png
Gap-Group-v2.png
9 - Caribbean Blinds - Logo - Black Background.png
1 - Furniture Village to use.png
Cleenol.png
John-Good.png
6 - Sound Leisure.png
mcalpine-logo.jpg
Potter-Space.png
9 - Bagnalls P&D Passion Logo_Colour.png
ridgeview.png
Malcolm Group Logo Black.png
Walkers-v2.png
JW-Lees-v2.png
Exclusive-Collection-logo-Matte-Black.png
Gap-Group-v2.png
9 - Caribbean Blinds - Logo - Black Background.png
1 - Furniture Village to use.png
Cleenol.png
John-Good.png
6 - Sound Leisure.png
mcalpine-logo.jpg
Potter-Space.png
9 - Bagnalls P&D Passion Logo_Colour.png
ridgeview.png
Malcolm Group Logo Black.png
Walkers-v2.png
JW-Lees-v2.png
Exclusive-Collection-logo-Matte-Black.png
Gap-Group-v2.png
9 - Caribbean Blinds - Logo - Black Background.png
1 - Furniture Village to use.png

Family Business United (‘FBU’) is an unparalleled rallying point and voice for the global family business community and an invaluable source of insight into the sector.  FBU is a resource for all, family businesses of all sizes and sectors, and their advisers, helping to raise the profile of the family business sector and to encourage greater awareness of the contribution that family firms make to the global economy through employment, income generation, wealth creation and charitable endeavours.

At FBU, everything we do is about the family business, creating the best resource available to help families in business get access to the resources and support they need to continue their family business journey, wherever it will take them.

bottom of page