Financial discussions are difficult because there is so much meaning behind money. Clarify and communicate your dreams and aspirations for your relationship, your family, and your business. Once defined and agreed upon, use a strategic planning process to define and implement a common strategy.
Running a small business is tricky. Running one with your spouse or family can be even trickier. I did a webinar titled Couples with Companies for dozens of Numerica Credit Union members recently on this. Here are the big takeaways from the webinar.
Couples who own a business together (a.k.a “copreneurs”) relate to each other in the context of two relationships: business partner and life partner. It involves lots of discussion about money – both business finances and personal finances. And those discussions often get messy.
Why is that? Those discussions aren’t just about the money. There’s meaning behind, and beyond, the money. This meaning is different for all of us. We all define personal and business success in many different ways.
How can you improve money discussions? Start with understanding how each of you defines success and meaning. Clarify and communicate your dreams and aspirations for both your relationship, your family, and your business. Once defined and agreed upon, use a strategic planning process to define and implement a common strategy.
Even with a common strategy, there will be challenges. You may react to those challenges in ways that aren’t productive. Your partner may make decisions that seem crazy to you.
Business situations and personal finances trigger reactions in us. In the webinar, I talk through tools to help you understand what’s going on. These communication tools allow you to have better conversations and work together toward your common goal.
- Rob Stephens
CFO Perspective Resources
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