- 56 percent of small business owners said they would go into business with their spouse/partner
- Tax, legal and personal ramifications are all important considerations to keep in mind
CHICAGO, IL (May 1, 2015) – Finding enough quality time to spend with your spouse is often an issue, and running a business makes it even more difficult. For many small business owners, one option is to work together.
In a survey commissioned by BMO Harris Bank, 500 small business owners across the United States were asked if they would go into a business working directly with their spouse/partner. Of the respondents who are not already working with their spouse/partner, the answers were as follows:
- 56 percent said they would go into business working directly with their spouse/partner.
- 30 percent said they would not.
- 14 percent weren’t sure.
“Entrepreneurs often complain about the long hours and, as a consequence, the lack of quality time with their partner,” said Mollie Gawronski, Head of Small Business Banking, BMO Harris Bank. “While working together is a potential remedy, it comes with its own series of potential complications, from lack of “me” time to having the business consume all of a couple’s personal time together.”
Ms. Gawronski added that when she talks to clients who are planning to open a business together, she advises them to:
- Consider the tax and legal implications of such a partnership.
- Set a certain amount of time away from the business – no matter how hectic things get, there needs to be a time for the personal side of the relationship.
- Set a certain amount of time away from each other.
The survey was conducted by Pollara with an online sample of 781 American business owners between September 8 and 18, 2014. A probability sample of this size would be accurate to +/- 3.5 percent, 19 times out of 20.
About BMO Harris Bank
BMO Harris Bank provides a broad range of personal banking products and solutions through more than 600 branches and approximately 1,300 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Arizona and Florida. BMO Harris Bank’s commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. For more information about BMO Harris Bank, go to the company fact sheet. Banking products and services are subject to bank and credit approval, BMO Harris Bank, N.A., Member FDIC. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with approximately 1,600 branches, and CDN $672 billion in assets (as of January 31, 2015).