For Jessica Jensen and Jason Pelletier, running a business together seemed like a natural. They had worked together in the late 1990s, when they both put in 60-plus-hour weeks as consultants, helping other companies figure out better ways to run their businesses.
They had complementary skills - hers in marketing and sales, his in environmental sciences. And they shared a vision to do something good for the earth. In sum, they knew they were perfect business partners. And, oh yeah, they happened to be married.
For many would-be entrepreneurs, the most natural person to work with is a spouse who shares values, goals and interests. But while a new business is a risky proposition for anyone - only 44% make it to the four-year mark, according to the Bureau of Labor Statistics - the stakes are far greater for a married couple.
If the business tanks, your family’s fortunes may as well. If you let business disagreements become personal, you stand the chance of wrecking your marriage. And with the success of your business depending on the strength of your partnership, if you and your significant other split, your business might go down the tubes too.
As Jensen and Pelletier can attest, running a business in your home, like running a marriage, isn’t all champagne and roses. In 2006 the pair severed their ties with the corporate world and used $100,000 of their savings to launch LowImpactLiving.com, a website that helps consumers find information about products and services that are good for the environment.
Though the business is now running solidly in the black, the couple, who used to bring home a combined $400,000 a year, opted to pay themselves just $90,000 last year. While that’s hardly starvation wages, it covers little more than their basic living expenses, including the $2,800 mortgage on their Spanish-style Los Angeles duplex. They’ve eliminated travel and eating out and have stopped saving for retirement altogether.
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Photo by Meredith Jenks.
Business Partners In Love
February 14, 2008 by Rich | 1 Comment
In Creativity, Partners
North Management on February 14th, 2008 at 7:02 am
Great article. In time for Valentines day.
Going local and living local is where the love and money is at, even online.