Join our Waitlist for Expert Advice!

Six Tips to Keep Your Business Going After Losing Your Partner How to survive and rebuild while dealing with grief and loss.

By Gwen Moran Edited by Frances Dodds

Opinions expressed by Entrepreneur contributors are their own.

For more than two decades, Michelle van Schouwen and her husband, Steve, partnered successfully in business and life. Together, the couple founded Van Schouwen Associates, a business-to-business marketing agency in 1985. Over the years, they grew the business and had respected name in the industry. Then, in 2006, Steve -- a healthy, fit 49-year-old died suddenly of a heart attack. In an instant, Michelle had lost her business partner and her husband.

Recovering from one or the other would have been a Herculean task. But Michelle could barely mourn before she had to face reality. With eight employees and two children to support, she was going to have to make it work. Coincidentally, she had read an article about overcoming the loss of a business partner the previous year. That had led the couple to take actions that made the transition a bit easier.

Related: Your Business Without You: 4 Steps to Finding Your Successor

She shares her insight for bouncing back from such an overwhelming loss.

1. Gather key information. From knowing where all of the insurance policies are to having access to account numbers and passwords, Michelle and Steve created lists of key information that the other would need in case of an emergency. Keeping lists helped her remember all of the tasks she needed to complete during a time of duress.

2. Get a grip on the money. Michelle always handled the business finances, but she says it would have been a problem had she been uninformed about issues like cash flow, expenses, and payroll. When spouses own businesses together, it's critical for both of them to be informed about the money, she says.

3. Rely on your team. This is not the time to micromanage -- you've spent time to hire and train good people, so you can rely on them in times of need. Talk to them honestly about the plans you have for the business and ask for their help to keep things going during the grief process. It's important to remember that they're likely fearful about their jobs and grieving, too. Michelle says she was deeply touched by the way her employees rallied around her and kept customers well-served as she made her way through the immediate crisis.

4. Be visible. After Steve died, there was some concern among clients about whether she would be able to keep the business open. Many didn't know how involved she was in the finances and strategy of the agency. "I remember acquaintances sending me resumes, like I could hire my own boss," she recalls. She quickly put those rumors to rest by calling clients and reassuring them. Within a few weeks, she was blogging again and, then started doing speaking engagements. As her visibility increased, the rumors stopped.

5. Create a new succession plan. Now that she runs the company solo, Michelle has consulted with her financial and insurance advisors to create a succession plan for key employees to take over the company if something should happen to her.

6. Give yourself a break. Enduring such a loss is devastating, and it's important to take time to grieve, Michelle says. "People told me things would eventually be okay -- not just the business side, but getting up in the morning and continuing to go on. But if you are a content and generally happy person, you will likely return to that level, even if you don't believe it at the time," she says.

Related: Could Your Business Survive Without You?

Gwen Moran

Writer and Author, Specializing in Business and Finance

GWEN MORAN is a freelance writer and co-author of The Complete Idiot's Guide to Business Plans (Alpha, 2010).

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Business News

You Have One Month Left to Buy a House, According to Barbara Corcoran. Here's Why.

"If you are planning on waiting a year and seeing where interest rates go, you are out of your mind," Corcoran said.

Business News

These 3 Side Hustles Make the Most Money While Working Fewer Hours, According to a New Survey

The survey also found that having a side hustle doubled as a path to becoming more employable.

Side Hustle

I Made $14,000 in 1 Week With a Spontaneous Halloween Costume Side Hustle — Here's How

Sabba Keynejad was in art school when he started to refine his entrepreneurial skills.

Business News

This New Restaurant Is Banking on One Dish — Because It's the Only Entrée on the Menu

The new hotspot is gaining buzz on social media for its innovative yet super simple concept.

Leadership

4 Bold Leadership Moves Every Successful CEO Uses to Navigate Change

Ready to turn fear into fuel and lead with confidence? In this article, I share how leaving my corporate job without a plan led me to build a thriving business. Learn four bold strategies to embrace uncertainty and turn challenges into opportunities for growth today.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.