Family-owned companies significantly influence the economy, but there’s more to the story than meets the eye. These are the tales of couples who run successful businesses and figure out how to combine their personal and professional lives.
A couple operating together in business quickly learns the advantages and disadvantages. Each pair in the triangular interaction between the business and each other has its dynamic. The last thing you want is for your marriage to be destroyed by your business, which is the third component of that triangle. There are unforeseen difficulties when operating a business with your spouse.
Starting a business as a couple is more common than you may think. According to the U.S. Census Bureau’s 2022 Annual Business Survey, 297,778 employer firms or businesses were jointly owned and operated by spouses, representing just over 10% of all U.S. for-profit businesses in 2021.
While there are many ways to start a business as a couple, it’s important to consider the pros and cons of integrating your personal and professional lives before moving forward. If the pros outweigh the cons, there are several steps you’ll want to follow to ensure your new business is successful and your partnership remains strong.
Like Jay-Z said, “What’s better than one billionaire? Two. ‘Specially if they’re from the same hue as you.” Success in your job and in love are great things, but nothing compares to being in a relationship where you can flourish together.
Julie and Gibson Ihe
Company: Nma Couture, Bridal, and Evening Wear Company. Julie Ihe is the founder, CEO, and chief creative designer.
How did you meet?
Julie: We met on a flight coming to the U.S. Let’s just say the rest was history.
Why did you guys decide to go into business together?
Julie: I had no idea what being your boss at first meant. My husband told me to think of anything that I wanted to do. I dabbled into hair braiding and making wigs, but it was all too stressful. It wasn’t unique to me. One of my husband’s relatives took me to an African fashion event, and that was when I told my husband that I loved this. On my birthday, he bought me a sewing machine in 2017, and I started practicing. He supported me every step of the way. He had to come in as the business grew because I couldn’t handle it anymore. He has his businesses, but he also had just to give up more time to make sure this is the one we are doing together
Gibson : Family means a lot to us. I come from a family where my father supported my mother. She was torn between having to work and taking care of her family. I just felt that it was stressful. When I think of my wife, I’ve always known she was a fashionista. When she went to the fashion show, a light bulb went off. So, I just said, “Let’s do it.” We had to make time for one another because family is significant. Traditional parents raise us; what we do is for the family. I knew I didn’t want to share my time with anyone else, and starting a business together would allow us to work as a team on a different level.
What challenges did you face as a couple?
Gibson : We went in 10 toes deep. Whatever challenges come, we will face them together. If this is what she wants, I have to make out time. You never truly know what you’re going to face. It’s always good to be in sync, and that is something we both share. We have a spiritual walk that brings us close together. We can finish each other’s sentences without even having to think twice. We have a mindset that we’re not settling for anything. We don’t give up regardless of the challenge. We are consistent and pray about everything.
Julie : Business is a risk, even when you have it figured out. We talk about everything. We have clear communication at all times. When we have a collection coming up, we plan it together.
What did you learn about each other during the process?
Julie : There is only business with challenges. That also applies to relationships. We are two different human beings. You will have to accept that he may not be perfect at some point, but we make up for each other.
What strategies worked for you?
Gibson : The main thing is to have fun. We learn to create fun. That’s how we are behind closed doors. There are a lot of folks who say they won’t go into business with their spouses. I’m happy to spend more time with her. Not only do I get to see her at home, I get to see her in the office.
Julie : You’re not in competition with your spouse. You’re not trying to impress one another. You guys are in it together. If I have an idea, I run to him for input. He is my shoulder to cry on. He encourages me spiritually. It shouldn’t be complicated.
What were the non-negotiables?
Gibson : Not giving up, period.
What advice do you have for other couples who want to go into business with each other?
Gibson : Learn each other. It’s a daily process. A family without a foundation never stands. Your foundation should be whatever it is that works for you all.
Sharon Watkins-Jones and Michael Jones
Company : Watkins Jones LLC, a consulting company specializing in political advocacy. Public relations, campaign management, and human resources.
How did you meet?
Sharon : We’ve been a couple for 33 years and married for 30. We met through his sister, a Texas Legislature member at the time, and I worked in her office as a legislative assistant. When I graduated, she said you must go to Houston and meet my brother. And so, we met, and the rest is history.
Why did you guys decide to go into business together?
Sharon : I brought up the idea. I was working for a non-profit and noticed that the non-profit was hiring outsiders to do work that I could do and make a lot of money doing. I asked my husband if we could start an LLC. I consulted with a good friend of mine who does consulting work. I told my husband that regardless of what we do as employees, we’ll have this business and use it to benefit each other. We’ve both been through layoffs job changes, and having the ability to remain employed because you have your own business was a wonderful thing to do together.
What challenges did you face as a couple?
Sharon : It started as a side project. It grew beyond what we thought. We each have a particular type of skill. He happens to have a business degree, and I’m more left-brain. I have all of these bright ideas, and he’s the one who says, “This is how we’re going to execute this.”
What did you learn about each other during the process?
Sharon : We started this business in 2017. The biggest revelation is that we should have started earlier. We’re coming from a generation whose parents believed employment equated to stability. We were kind of fearful. We talked about starting a business early in our marriage. We always focus on work, work, and securing an employer, ensuring you have good insurance and savings, 401K. We realized we could have all these things and run a business.
What strategies worked for you?
Sharon : Make sure you have a business consultant, tax consultant, and CPA that you trust to have a normal relationship with each other, knowing that they’re experts to take care of your business.
What were the non-negotiables?
Sharon : I don’t think there were any non-negotiables. We’re pretty laid back in that sense. As long as it’s working, it’s good. If it doesn’t work, we stop.
What advice do you have for other couples who want to go into business with each other?
Sharon: Make those conversations about your business a natural part of your regular conversation. Do what works for both of you.
