Family-run businesses comprise 64% of the U.S. gross domestic product, and husband and wife teams run 1.4 million businesses nationwide. Running a business with your partner has both benefits and risks. The real-life experiences of co-founding couple Alberto Diaz and Marisol Arboleda-Diaz can assist you in navigating your journey as a couple that builds together.
Located in the heart of Coral Gables, the Gables Construction Group is a family-owned and operated business with a long history rooted in tradition, family, and trust. After meeting at a networking event in the Bahamas several years ago, Alberto and Marisol had no idea that their casual encounter would lead to a successful construction company years later.
Personal and professional success are built on the same foundations. To be successful in both your marriage and your business, you’ll need a set of rules to follow. The ups and downs of running a business with your spouse are inevitable when doing business together. In and out of the workplace and total dedication to your collaboration leads to long-term success. In order to manage a successful business together, Alberto and Marisol knew from the start that they needed to lay down some rules.
- Boundaries Are Essential: Decide who is in charge of what and why. At work and at home, it’s feasible to be in charge of both. It’s important to remember that your partner doesn’t want to be micromanaged. Keep your mind open to your partner’s ideas. A person has the ultimate say when it comes to matters that fall within their purview…and so do those who are responsible for other areas.
- Commit Don’t Quit: Check in with your partner on a regular basis. Are you really dedicated to working with your spouse to run a company? What’s it like working with each other now that you’re both older? Resentment grows when we do things because we feel obligated or anticipate anything in return. Avoid this by making sure you and your partner are completely dedicated to each other.
- Who’s The Boss OR Not: Focus on each other’s strengths as you establish your responsibilities. By focusing on the abilities you provide to the company, you are able to work autonomously thanks to your common vision. Even if there is some overlap, try your utmost to keep boundaries clearly defined.
- R-E-S-P-E-C-T: Setting boundaries helps you avoid conflict because you will not always agree with each other. Take heed of the percentage who fail because they lack trust and communication. Make sure that the trust and respect that you build in your personal connection spills over into your professional one.
- Meetings Matter: Even if it’s just you and your significant other, hold regular business meetings with agendas. Make a list of what you’ve covered and write it down. Maintain focus on the goal. It’s a good idea to have a few scheduled meetings at the beginning of the week.
- Keep Fun On The Agenda: Maintain your relationship as a married couple. You both deserve some quality time together. It’s easy for couples who work together to neglect to make time for enjoyable activities that have nothing to do with their work. Spend time together, whether it’s for dinner, an event, or a walk.
- Communication Is Key: Take a break from work to have a conversation with your partner. Listening is just as important as talking, if not more so. The desire to be heard is a basic human need.
- Break It Up: For some couples, it’s necessary to take a break from each other. Couples that spend a lot of time together may benefit from some time apart. Do what you enjoy. Also, urge your partner to take a break and have some fun with you.
There are a number of obstacles that come with building a business as a couple, some of which are expected and others that are not. With the right amount of focus, boundaries, and attention, you, your spouse, and your business will flourish. When you run a business with your spouse, you have to cope with the highs and lows that come with that. In order to build your company and keep your enthusiasm alive, follow these guidelines.