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Do you run a business with your life partner? It’s not always easy to balance work and life, and – often – at some point in the journey, each party finds they have different goals.
This case study explores how the owners of a joint business were able to meet both their goals as a husband-and-wife team while increasing income and reducing the burden of running a small business.
David and Beth run a sandwich cafe business. David originally started the enterprise as a second business, planning to run the business and continue working in his other job. Although he had no formal business training, he learned the sandwich business quickly and had so much success he opened two new locations quite quickly.
As the business flourished, David increasingly relied on his wife Beth to manage many of the day-to-day operations. Beth did a great job working tirelessly, often until late at night. Inspired by his success, David wanted to grow the business further and open more kiosks. Beth said a firm “no”. She was stretched to her limit and was unable to take on more responsibility.
The husband-and-wife team knew they needed a new business plan; they needed guidance from their trusted accountant!
These business owners needed to create a plan that would deliver two equally important outcomes:
It was clear that a franchise model would fit the bill. David would set up and sell kiosk locations one at a time. The sale would give them an income without the burden of having to manage the new businesses.
Focusing on Beth, the answer was to create a job description, KPIs and selection criteria for a new role, for an assistant that would report to Beth, allowing her to reduce her working hours.
Benefits to the clients
The strategy worked. David soon found buyers while Beth was able to reduce her workload to 40 hours a week. The couple earned more money than they had ever imagined and they loved the challenges and rewards of running their small family business.
If you’re struggling to meet your goals, we’ll help you identify the causes and solutions, then create a plan for ensuring a more successful business and happier personal life. Call us on 020 8530 0720 to find out about our business planning and turnaround services, or email email@example.com for more information.
(Please note, it’s a stock photo – it’s not actually David and Beth.)
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In November 2002, having sold our other business interests off earlier in the year, I decided to set up Nordens Chartered Accountants. The easy part was knowing how to do it, as I had established and built a smaller practice a few years earlier, the difficult part was not following the traditional accountancy path. Having run businesses, both successfully and unsuccessfully, I wanted to help business owners resolve their short term problems and work with them to achieve their longer term goals. Business has always been my interest and I love that I can help business owners achieve what seems like the impossible every single working day.
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