Get an MOU from your spouse if you’re planning to start a business together. We know it sounds cruel and unusual, but it might save a relationship.
We got the idea for this blogpost from one of our Solutions Forum groups, where one member was getting ready to start an insurance agency, but wasn’t sure how her husband might react.
We also opined that entrepreneurship isn’t for the faint of heart, either, since she’s leaving a nice corporate job. Her spouse needs to know that, too.
(MOU in US paralance is a Memorandum of Understanding.)
Running a business together with your spouse or partner is hard, because you see each other during work hours as well as outside work.
We’ve got one divorce to show for ignoring this advice, so a word to the wise.
The MOU should outline who is going to do what in the business, e.g., sales, finance, operations, etc.
It’s also a good idea to spell out how you’re going to make decisions, e.g., by consensus, or one partner gets to make all the decisions in one of the areas.