From our experience in the financial analysis of family businesses, we have identified four key points that can help mitigate internal conflicts:
- Definition of an entrepreneurial salary.
- Task distribution.
- Establishment of a common savings or reservation fund for entrepreneurship.
- Differentiation between personal expenses and business expenses.
We highlight these aspects as essential to avoid the escalation of conflicts between entrepreneurs.
Next, we share some testimonies that we collect on the challenges and advantages of undertaking as a couple:
Commercial entrepreneurship: The main advantages include emotional support and complementarity of skills, which allows you to add talents and face difficult moments together. However, the challenges are presented in the form of differences in business vision, strategic decision making and personal time scarcity. To address the financial aspect, it has been decided to establish a common fund for the project.
Technology Services Entrepreneurship: The challenges here include the confusion of roles, stress management and lack of personal time. The advantages, as in commercial entrepreneurship, include emotional support and complementarity of skills, with the addition of joint creativity and time flexibility. In this case, they have not implemented a formal financial strategy.
3D printing: The representatives of this venture mentioned financial crises as a significant challenge, since economic problems can stress the relationship. However, overcome them has strengthened their link. The shared responsibility, which facilitates teamwork facilitates. Financial and structurally, they have established a common fund for the project.
Consulting entrepreneurship: In this area, the differences in the vision of the business and disagreements on the management of the project indicated as a disadvantage. However, they value joint creativity as an advantage, since the fusion of ideas can lead to innovative solutions. Financially, they compensate each other according to their tasks.
Teaching entrepreneurship: The main challenge has been stress management, which often impacts the personal relationship. However, they highlight shared decision making as a significant advantage, since discussing and deciding together provides added value. They implement a common fund for the project.
Considering the shared experiences in the interviews, it is evident that in every family business it is essential to maintain separate spaces for labor and affective relationships. Here are some recommendations:
- Establish periodic days and schedules for meetings.
- Define a quarterly, semiannual or annual planning with clear objectives.
- Perform roles change dynamics to understand the responsibilities of the other.
- From the financial perspective, establish an entrepreneurial salary according to the tasks, create a reserve fund for project profits, and avoid confusing personal expenses with business expenses, thus ensuring that project funds are not used to finance personal expenses without a prior determination of salaries and profits.
Employing as a couple can be a path full of challenges, but also presents valuable opportunities to enhance the skills and strengths of both. With adequate management and the implementation of clear strategies, entrepreneurial couples can transform their businesses into success stories.
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