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:
- David needed a solution that would grow the business without the need for him to commit more time to managing it.
- Beth needed to limit or ideally shrink her responsibilities.
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.)