You can be on Entrepreneur’s cover!

3 Tips for Successfully Running a Company When You Are Married to the Co-Founder Building a successful company as a married couple requires a few key components to navigate how the partnership operates.

By Jay Gould

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

Shutterstock

I met my wife Caitlin after selling my second startup to a company in New York City and becoming its president. Caitlin was an unbelievable sales woman, and her drive and compassion immediately drew me to her. A few months after we met, I had an idea for a new business and knew she was the right person to build it with me. Together, we founded our location-focused video advertising company Yashi, which we recently sold to Nexstar Broadcasting for $33 million.

When I tell people my co-founder is my wife, they often react with skepticism and surprise, but these reactions forget that business partnerships are essentially a marriage. When you are married, your business motives are naturally aligned. When we look out for each other, we look out for ourselves.

Building a successful company as a married couple requires a few key components to navigate how the partnership operates. These elements must be clearly defined and held together by absolute trust between both people.

Related: How to Make It Work When You're Married to Your Co-Founder

1. Define how decisions are made

Control is a tricky concept to navigate in both marriage and in business. You want to establish an equal partnership, but without someone in the driver's seat, too much time gets wasted on back and forth. In a business partnership and in a marriage, the first step is to establish a clear process for making decisions and decide who gets the final veto.

My previous experience guided the direction of the company and Caitlin's fresh perspective and relentless perseverance pushed us forward. In our partnership we separated our duties and responsibilities largely between strategic and operational, where I was strategic and she was operational. Part of having control is knowing that you'll have to relinquish it sometimes and trust that the other person will pull their weight. There should be nobody you trust more than your significant other. If you have any doubt, it won't work.

2. Sync your vision

In business and marriage alike, both partners' goals and vision for the future need to be aligned. This helps you stay focused. Caitlin and I agreed that it was important not to waste our power years and established our commitment to the company from the outset.

Related: 5 Tips on How to Maintain a Relationship While Starting a Business

In the early days when we were a two-person operation, there was no vacation. Even on our honeymoon we worked all morning and checked email all afternoon. Our united vision and our resolve kept us together and pushed us forward during those formative years. Yes, our personal and professional lives became blurred, but for us this was a good thing. Dealing with obstacles that arose only drove us closer together. Our passion for each other and for the company we were building together reduced problems and saved time. However, this only works when both partners are on the same page and are willing to sacrifice certain things (e.g. free time).

3. Channel each other's strengths

The strongest partnerships are made up of people with complementary skill sets. Each person's skills offset the other's. This strengthens your team, makes you more efficient and easier to delineate each partner's area of responsibility.

For example, I was more strategic, dealing with fundraising and the eventual acquisition of the business. Caitlin was more transactional and operational, focusing on sourcing and closing deals, customer service and everything related to revenue. Together, we had the full package needed to successfully get our company off the ground.

Of course, being a co-founder couple can be tough at times, but so can all marriages and all business relationships. In both cases, they take hard work, clear communication and an alignment of skills, personalities and vision. For us, being married has made us better founders and our startup has strengthened our marriage.

Related: 4 Secrets of Blissful Entrepreneurial Power Couples

Jay Gould

CEO and Co-Founder, Yashi

Jay Gould is CEO and co-founder of Toms River, N.J.-based Yashi, a location-focused online advertising technology company. He is also manages Gould Ventures, a technology investment fund.

 
 

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

Editor's Pick

Business News

'Wildly Inappropriate': Woman Says She Was Denied a Job Because She Didn't Wear Makeup During the Interview

Melissa Weaver was applying for a VP of HR job at a tech company via video.

Business News

Uber Is Fixing One of the Biggest Complaints Families and Parents Have With the Company

Uber Car Seat is now available in New York and Los Angeles.

Business News

Founders of Companies Worth Over a Billion Dollars Have These Simple Things in Common

A new study found three traits that stood out in unicorn founders.

Side Hustle

These Are the 10 Best States for Starting a Side Hustle, New Research Reveals

One side hustle might not be as lucrative as another — and location matters.

Thought Leaders

How To Improve Your Soft Skills and Emotional Intelligence in 7 Easy Steps

Using these simple but effective approaches will help a person in their business, life and relationships.

Business News

Dollar Tree Is Raising Its Price Cap to $7: 'The Macro Environment Has Gotten in Our Way'

The discount chain's cap was most recently raised to $5 last June.