CO-PRENEURS
Some family businesses are owned and managed by couples teams. Such couples are popularly known as co-pruners. Their roles vary depending on their backgrounds and expertise. Whatever the arrangement, both individuals are integral parts of the business .
One potential advantage of the couples team is the couples team is the opportunity to work with someone you really trust and to share more of you live together. For some couples, however, the benefits can be overshadowed by problems related to the business. Differences of opinion about business matters can carry over into family life. And the energy of both parties may be so spent by working long hours in a struggling company that little zest remains for a strong family life. There is a recent trend of couples starting Web-based businesses, often from home. In some of these cases, the co-pruners have found that there can be too much togetherness, in which case they must establish rules for rules for time apart.
Many couples have had to set boundaries and develop routines to cope with the demands of everyday life (like raising children) and still have sufficient time for the business. For example, the objective of former NFL linebacker Nate Wayne and his wife, Tamiko, was to open a business that would be both lucrative and family friend so that their three children, age 4,8, and 13 would enjoy spending time with mom and dad at work. Tamiko convinced Nate that they should invest in a Cold Stone Creamery ice cream franchise. The Waynes set rules from the beginning, separating their business and personal accounts. To stay on track, they meet regularly with a business attorney, certified public accountant, and financial advisor. The Waynes are careful to give both their children and their marriage attention. Tamiko goes into Cold Stone early, while Nate send their children off to school, after which he manages a trucking business they launched. They reserve weekends and most evenings for family time.
MOM OR DAD, THE FOUNDER
A common figure in family business is the founding entrepreneur who plans to pass it on to a son or a daughter. The business and the family have typical both grown since the company was organized. Entrepreneurs with children think naturally in terms of passing the business on to the generation. Parental concerns associated with this process include the following: