Running a business with your spouse or life partner can be one of life’s most rewarding experiences. Together, you’re building something that reflects your values, talents, and shared vision. But what many entrepreneurial couples forget is this: while you’re planning for success, you also need to plan for the unexpected.
Summer is often a time when family-run businesses take a breath—maybe even take a vacation. It’s also the perfect season to pause and reflect on the security of what you’ve built together. Have you protected not just your business, but your family, from the “what-ifs” that come with life and entrepreneurship?
Here’s what every couple in business together should consider:
Define Your Roles—and Backup Plans
When things are going well, it’s easy to ignore the need for structure. But what would happen if one of you were temporarily or permanently unable to work? Defining who does what—and who can step in during an emergency—protects your operations and your relationship.
Write it down. Create a basic continuity plan. Even simple SOPs (Standard Operating Procedures) can be a lifesaver in a crisis.
Build an Estate Plan That Accounts for the Business
A solid estate plan does more than protect your personal assets—it should incorporate your business. That includes assigning decision-makers through powers of attorney, ensuring your business interests are covered in your trust, and avoiding probate delays that could stall operations.
If you don’t have these documents in place, or haven’t updated them in the last few years, this summer is a great time to fix that.
Consider a Trust and Buy-Sell Agreement
If one of you were to pass away, how would your interest in the business be handled? A trust can ensure smooth transition and minimize disruption. A buy-sell agreement is especially important if there are other owners involved, as it outlines how shares are valued and transferred.
Protect Against Incapacity, Not Just Death
Many business owners plan for death but forget about incapacity. If one of you is hospitalized or unable to work for months, what happens to the business? Who gets access to bank accounts, payroll, client communication?
With the right legal documents and financial authorizations, you can ensure your partner and team can keep things running.
Review Insurance Coverage
Summer is often a time when families reassess their budgets and plans for the future. Review your life and disability insurance to ensure you have the right protections in place to provide income continuity and support for the business.
Talk About the Hard Stuff
No one likes thinking about worst-case scenarios. But as a couple—and business partners—it’s vital. These conversations, while difficult, strengthen your ability to lead together through any season.
Final Thought
Your business is more than just work—it’s part of your family’s legacy. Don’t let a lack of planning jeopardize what you’ve built together. Use this summer to take a proactive step toward protection, peace of mind, and long-term success.
