Two thirds of companies in the US are family-owned and one third of those are run by Copreneurs couples. Copreneurs couples are couples that are both life and business partners. This type of relationship can be a bit tricky to navigate, and not all couples are cut out to be copreneurs. The ones who are successful both at marriage and at running their company have great communication, division of responsibilities and respect for their partners. They realize that they are in a “do or die” situation and have made the necessary choices and plans to keep their household, their business and their romantic relationship working like a well-oiled machine. The success of their copreneurship depends on keeping that delicate balance between love, work and life. They also have to be flexible and adaptable enough to field the curveballs that life may throw their way. Couples making life work together are very clear on the pros and cons of living and running a business together. Here are some things to consider if you’re thinking about becoming copreneurs with your partner.
Being in business together can be all encompassing, especially in the beginning. It’s very hard to leave issues at the office when your business partner is with you all the time. It’s very tempting to take your work home which is ill advised, as it eats into family time and doesn’t give you a chance to just be life partners. If you’re consumed with work , you’re not able to be a romantic partner to your copreneur spouse.
24/7 exposure to your copreneur partner may sound idyllic, but the reality is that you get very little “me” time, unless you insist on it. You must be sure to carve out time for self-care and also for just being a couple. The most successful copreneurs know when to close the door on office hours and tune into home life, and just be a couple. You must work on balancing all aspects of love , life and business in order to be successful as a copreneur couple.
Placing all your eggs in one basket emotionally and financially brings its own unique set of challenges (and rewards). It’s not uncommon for couples who don’t succeed in business as copreneurs to break up their love relationship. Too much outside stress and worry can take a toll on your relationship. You need to guard against letting too much of that into your personal relationship.Pinning all your hopes and dreams on the success of your business venture risking everything can be exhausting.
Emotional depletion is a very real concern for copreneur couples. You cannot give your all both to your business and to your relationship without finding ways to renew and replenish your energy levels. Taking vacations together should happen often. You both need to get away from business demands and just be together. There should be a strict rule, no business discussion while on vacation. It’s also important to take time off to be alone, shut off the phone and refresh and recharge yourself. Whether you favor hiking out in nature, a spa day or a quiet day off at home; be sure that you are able to rebuild your energy reserves to be at your best in the often tough and demanding business world. Even if you love your job, it’s also good to step away for a short while and get some perspective.
The tendency to compromise in business is a carryover from your personal relationships. While this is often a very good thing for your love relationship, it can be the kiss of death for your business. Running a company requires you be decisive and exacting when it comes to making decisions with your copreneur partner. This is where lines have to be very clearly drawn. Marital strife affects the company and vice versa so there must be very clear roles and responsibilities. Copreneurs should not cross those lines with one another else they will negatively impact the running of the business.
Couples who work together know each other intimately have a shared vision and are especially motivated to make things work. They know that supporting each other in business means success for both of them. What they’re building together benefits their future and the future of their children and heirs. Shorthand in communication between intimates makes it easier to communicate. As long as each partner in the copreneur relationship has defined roles and control their own piece of the business, conflicts can largely be avoided.
Successful copreneurs can celebrate their success together. It’s an amazing feeling of accomplishment to know that together you created this life and success. To see the seed of an idea that you’ve had together grow into something that can stand on its own. You can use your financial success to do good for your community, your family and that success also enables you to fulfill your personal goals as well. Being copreneurs can be the best thing in the world for a strong and loving relationship. You and your partner learn to rely on one another and connect in a unique way that many other couples never experience.
You are able to build something together and balance your business and personal lives well, making you the example of a true partnership and a secure and successful couple.
Respect, communication, and mutual support are the cornerstones of a successful copreneur relationship. While it can be a difficult balancing act to juggle home, work and romantic relationships, the benefits are well worth the challenges. With the right kind of support and mutual respect it is possible to have it all and make it work together. You and your partner can get it all right and build something together that you can both be proud of.