By KATE AOUEILLE
Despite many suggestions that merging the intersection of business and personal life will lead to negative outcomes, in today’s social environment, many spouses are turning towards one another when choosing business partners. In fact, one third of small business owners today are spouses according to the Wall Street Journal. Not only is there an increasing trend of couples entering into business with one another, low cost, service based franchises are also seeing a spike in popularity.
Based off several interviews with couples in the franchise and business community, we’ve compiled a list of tips for prospects looking to take the dive into business with a partner (read: spouse, old co-worker, friend).
Deep Understanding
In order to have a successful partnership, it is essential to delve deep into your partner’s needs and develop a strong understanding of their aspirations behind their decision to open a business.
Margie and Anthony Pascetta are owners of the
Mosquito Squad in Topsfield, Massachusetts, a seasonal service based franchise that specializes in eliminating outdoor pests. Margie remarked on their initial success in the business, stating, “We understand what one another’s unique motivation is as well as what each wants to achieve with the business long term.” She also noted that the couple won Rookie of the Year and Highest in Sales across the system in 2011.
The Pascettas also represent another phenomenon that is surfacing in the franchising industry today. People are purchasing franchises as a second form of income while also holding full time jobs. The rising trend could reflect individuals’ apprehension regarding the stability of their jobs in the current economy.
“Our long history working side by side fundraising for Autism as well as our ability to hold full time careers made us realize we would be successful together,” said Margie Pascetta, who also noted that the pair raised over 11 million dollars for the
National Alliance for Autism Research, now known as Autism Speaks.
Mutual respect, admiration and trust
Similar to a successful marriage, a successful business partnership requires mutual respect, admiration and trust for the other individual.
Peggy Thomas, who owns
Club Z!, an in-home tutoring franchise based in Peachtree City, Georgia, said, “It wouldn’t work for everyone -- one of the secrets to our marriage and business, is mutual respect. You have to trust that the other one will take care of it.”
Her thoughts seem to be echoed among all husband and wife teams interviewed.
Knowing each other's strengths
Making sure your skill set is unique and different from your partner’s is key.
Ken and Julie Wuerfel, owners of a Mosquito Squad franchise in South West Michigan advised, “Know one another’s strengths and utilize them. Let your partner excel and do not second guess their strength.”
Margie Pascetta reiterated the Wuerfels message, stating, “We knew we had very complementary skill sets – I am good at the things he’s not and vice versa.”
Many people consider going into business with a partner in order to broaden the intellectual capital within the business. Finding a partner with a skill set that varies from your own is an important component of running any business.
Shared vision and investment
In business, your partner becomes your confidant, the person you have invested countless hours of energy and time with to reach one common goal. Whether that end goal is providing a safety net for retirement, growing a territory, adding new businesses to the partnership, or measuring the success of the business through employee satisfaction, it is essential that your partner’s vision matches your own.
Carl and Desiree Vance, partners in
Higher Power Signs, a business based in the Dallas Fort Worth area said, “We have a mutual investment in the business and a common drive to make the business successful. We are working towards the same end goal.”
In essence, a good business is a good marriage, whether that is literal or physical – it is built on trust, respect, a unified vision, investment level and a true understanding of the other person’s basic needs.
