One thing couples who work together to consider is when to call it quits on a professional relationship. That extends to whether the couple’s goals for the business are still aligned or if the vision for the future has changed.filadendron/iStockPhoto / Getty Images
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Mixing business with pleasure is becoming more commonplace with couples, but can those who live together also work together harmoniously?
Wendy Brookhouse, chief executive officer and certified financial planner at Black Star Wealth in Halifax, did internal research among her entrepreneurial couple clients and found that more 90 per cent said they would absolutely work together again.
“Nobody knows you better than your spouse,” she says. “So, it seems like a natural fit for spouses to work together in business as there’s already a high level of trust present.”
Ms. Brookhouse should know. Her husband, Kelsey McAulay, is her own right-hand man for her business.
Mark and Robin Shimkovitz decided to take the leap of working together after 25 years of marriage at Mr. Shimkovitz’s financial advisory practice, Living Richer Wealth Management at Raymond James Ltd. in Toronto.
Ms. Shimkovitz had wanted to become a life coach after working for years in high-level public relations. It occurred to Mr. Shimkovitz, a senior wealth advisor and portfolio manager, that his wife’s new career aspirations would be a definite asset to his practice. He was looking for someone to focus on business development, client communication and content development initiatives, and thought Ms. Shimkovitz fit the bill.
Also, as the team mainly serves clients going through major life transitions, they thought it would demonstrate a major life change occurring directly within the practice itself.
Six years into their business-and-pleasure venture, the couple says their mutual respect carries them through any growing pains and challenges. Ms. Shimkovitz had managed a large team and was used to having a lot of autonomy. Mr. Shimkovitz was accustomed to overseeing everything to do with his practice, but he had to learn how to let a new voice into the fold.
“I’m the kind of person who likes to be involved in a lot of different things,” he says. “But you start to realize quickly that it’s a bit easier to give up that control since you know your spouse so well.”
‘Marriage first’
Karen Harrison, senior portfolio manager and senior investment advisor with The Harrison Group at Canaccord Genuity Wealth Management Canada in Calgary, started in financial services in 1994, but her husband Paul soon followed a year later. After undergoing personality testing, they decided to market themselves as a team, and are still an active team almost three decades later.
“It didn’t make a lot of sense for us to compete against each other in the same industry working for different firms,” she says. “But we went through the process of developing a business plan thoroughly. Marriage first is actually the first line in our business plan as it’s always our objective to stay married.”
The Harrisons use their personality differences to their advantage. While Mr. Harrison, also a senior portfolio manager and senior investment advisor, likes to emphasize financial planning strategies, Ms. Harrison prefers finetuning portfolio management details.
“One of the reasons why Paul and I have been so successful is because we actually appreciate our differences,” she says.
“We recognize and appreciate the contributions that we each bring to the business. Sometimes, we have different opinions about the same things and you just have to be open to communicating.”
Establishing boundaries
Knowing when to shut off from the business can be an issue for couples who work together. Ms. Brookhouse points out that if spouses are not careful, every day turns into a work day and they may find themselves always talking about business while on vacation and during other family time.
“One of the rules we have is to establish if we’re having a work day or free day,” she says. “It’s like a reset question because if it’s a free day, the answer is, ‘I’ll deal with that later.’”
The Harrisons admit logging off from work was much easier before the invention of WiFi and smartphones. “Today, it’s more about being conscientious and establishing those personal boundaries and maintaining them,” Mr. Harrison says.
Another thing to consider is when to call it quits on a professional relationship. For Ms. Brookhouse, it extends to whether the couple’s goals for the business are still aligned or if the vision for the future has changed. Maybe one spouse wants to continue to grow the business and the other wants to retire, she points out.
“That may be a sign to change the relationship. How would you deal with that?” she says. “My husband and I always said that we would never let the business get in the way of our relationship. So, if we start disagreeing a lot about work, then one of us is leaving the business.”
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