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.
Learn more at The New York Times.
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