One of the challenges that comes with having a family business is being able to keep the business afloat if you go through a divorce. For some, this means keeping a meaningful working relationship. If you have to continue to work with your ex because you decided to keep the family business structure the same regardless of the divorce, there are some points that you need to consider.
Divorcing is a complex undertaking when there are assets in question. When one of those assets is a business, you have to think carefully about what is going to happen with the company. One of the options that you have is to continue things as they are going now – with both you and your soon-to-be ex running the company. This is usually only possible if you can work as a team.
Divorcing when you have a business requires equal parts finesse and diplomacy. Some couples choose to continue to run the business as a team even after the divorce. If this is what you are planning on doing, make sure that you are well prepared for what is to come.
Family-owned businesses can often suffer when the couple running them has to go through a divorce. While it isn't very common, it is sometimes possible for the exes to continue to work together to run the business. This can be a challenge, but it can also be very rewarding.
Owning a successful business is a great way to support your family. In most cases, the business is beneficial to your marriage. This might change if the marriage is in trouble and heading toward divorce. If your soon-to-be ex handles the finances for the company, you need to pay close attention to what is going on.
You probably already know how tough a simple divorce is on the entire family. However, when a couple that owns a business together call it quits, it is even more challenging. In the past, it was unthinkable for two married partners to remain in business together once divorced. However, both business and divorce are different now and continue to evolve.
The beginning stages of a startup are the best of times. The sense of optimism combined with funding from angel investors can fuel passion for a new product or service. But like the old adage says, nothing really lasts forever. Even with a successful startup or partnership, one partner (or a group partners) may believe that they will just as successful on their own and want to break up the company. At the same time, neither party wants to buy out the other partner. What remains may be an ugly and consternate standoff that threatens the future of the partnership.