Follow Dallas Linkedin
Email Dallas Email
Financial
May 1, 2020

Does Your Spouse Feel Left Out Of Key Business Decisions?

Sponsored Content provided by Dallas Romanowski - Managing Partner, Cornerstone Business Advisors

Sometimes when planning the next chapter in your life, the most important people somehow feel left out. Deciding to transition out of ownership of your business is one of the most important decisions a business owner can make, so it only makes sense to include your loved ones in that planning.
 
How Will Your Spouse be Affected?

Be sure to include your spouse in the planning process from the beginning, or at least keep them in the loop. In most cases, a spouse should not only be informed about the plan you are putting in place for your business, but they should also be involved in the planning process from start to finish. Be sure you know what their goals and dreams for the future are and why they may want you to make certain choices rather than others. What are their frustrations, desires, fears, and hopes about the future? Your spouse is likely to be affected by your transition out of the business in ways you cannot anticipate. Getting them involved now is a good way to avoid surprises later.

Reasons Why Your Spouse Cares About Your Plans

Your spouse has a unique perspective and may be able to provide valuable insights. They understand your family’s dependence on the business to maintain their lifestyle. They may be thinking of current or future issues that will be affected by your departure from the business. Another concern your spouse may have is that if you leave your business, you’ll become bored and frustrated without a productive outlet for your energy. Your spouse may have a more realistic view of how you’ll handle post-ownership life.
 
Your spouse may also feel personally invested in the business after years of direct and indirect involvement, so they may want to participate in critical decisions like how much longer you’ll run the business.  

Choosing the Right Successor

Your spouse may have an emotional connection to the business. So, it may be important that they trust the successor you choose to run your business after you leave. Even though the next owner may seem respectable and knowledgeable to you, your spouse may take the side of employees or key customers in being skeptical. Listen to these concerns and take steps to address them – they may uncover issues that you did not see coming.

Don’t Forget Your Contingency Planning
 
The ultimate planning scenario in which you should involve your spouse is your contingency plan, especially as it relates to the possibility of your death or permanent disability. Sharing basic information about business operations and the details of your contingency plan, should something happen to you, can go a long way toward alleviating stress and anxiety for your spouse. Talk through what you think should happen if you were suddenly gone and share your written continuity plan when it’s ready.

We strive to help business owners identify and prioritize their objectives with respect to their business, their employees, and their family. If you are ready to talk about your goals for the future and get insights into how you might achieve those goals, we’d be happy to sit down and talk with you. Please feel free to contact us at your convenience.

Welcome to Cornerstone's Exit Planning newsletter. We'll provide you with practical tips on planning your business exit twice a month. Click here for a complimentary planning assessment. Contact us with any questions or to help get you started with the planning process. Enjoy!

Dallas RomanowskiChip Mayo, and Mike Leannah

© Copyright 2020 Business Enterprise Institute, Inc. All Rights Reserved

As a member of the Business Enterprise Institute (BEI), Cornerstone Business Advisors is an authorized distributor of BEI’s content and Exit Planning Tools.

The Cornerstone team includes former C-Level executives, successful entrepreneurs and advisers who offer unmatched experience in delivering advanced, custom-tailored, results-oriented solutions for business leaders. As a member of the Business Enterprise Institute (BEI), Cornerstone is an authorized distributor of BEI’s content and Exit Planning Tools. We developed the Performance Culture System™ to help clients implement best practices and drive high performance throughout their organization. For more information, visit www.launchgrowexit.com, call (910) 681-1420 or email [email protected]
 
 

Other Posts from Dallas Romanowski

Bizjournalblockad
Ico insights

INSIGHTS

SPONSORS' CONTENT
Untitleddesign5

The Impact of a Growth Mindset

John Monahan - Vistage
2022052 75 142344351

Bridging Futures: The Case for Toll Funding in Wilmington’s Cape Fear Memorial Bridge Revamp

Natalie English - Wilmington Chamber of Commerce
Jessiepowellheadshot webversion

5 Reasons to Build Custom Franchise Software

Jessie Powell - Wide Open Tech

Trending News

Two Apartment Projects Pitched For Kerr Avenue

Emma Dill - May 17, 2024

UNCW Researcher Wins One Of NC Innovation's First Grants

Audrey Elsberry - May 17, 2024

In The Current Issue

Area YMCA Continues To Expand

The YMCA of Southeastern North Carolina has about 13,000 members; approximately 11,000 live in the greater New Hanover County area....


As Hurricane Season Heats Up, How Do Builders, Laws Prep Homes For Storms?

The damage caused by Hurricane Florence in 2018 throughout the region put a bigger spotlight on the need for the construction industry to fa...


Book On Business

The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2024 Power Breakfast: The Next Season