BizCircles Blog

As the average age of U.S. business owners continues to rise—with over half now older than 55—the next decade is likely to see a significant wave of retirements. Yet many owners remain unprepared when it comes to handing over the reins of their companies. Whether it's due to uncertainty, procrastination, or reluctance to give up control, succession planning is often delayed far too long.

Running a business with your spouse may seem like a great idea; blending your personal bond and professional aspirations can be extremely rewarding! However, it's not a decision to take lightly, and it's not the right choice for everyone. While the benefits are compelling, the potential challenges require careful consideration.

Couples in business represent a distinct and growing segment of entrepreneurs, with approximately 1.4 to 1.5 million businesses in the U.S. jointly owned and operated by spouses. These "mom-and-pop" enterprises showcase the blending of personal and professional lives. While this arrangement offers unparalleled opportunities, it also demands a unique approach to ensure both the business and the relationship thrive.