By David McCulloch, The Franchise Coach

Can bed mates be successful business partners?

While I can't recall the question being put to us quite so bluntly, as franchise consultants we are often asked for our opinions and advice, possibly even reassurances, on whether life partners can also work together as successful business partners? Our answer is generally along the lines of: ‘Absolutely, but set rules and follow these to the letter, and whatever you do, take a long, hard reality check before writing out a cheque for the franchise fee. This is a decision to be made with your heads, not your hearts.'

But first...

Let's be upfront with a few indicators that would suggest avoiding going into business together. If one is a risk taker and the other a security seeker, you're doomed before you start. Unless you share the same passion and enthusiasm for a franchise system, success will be missing from your business partnership. If you have more than your fair share of arguments, failure as business partners is almost guaranteed. If none of the above apply to your relationship, good news, you've passed 'go'.

Set rules and follow them

Whenever there's discussion about what contributes to a successful long-term life partnership, commitment, compatibility, patience, tolerance, respect and understanding crop up along with comments like 'they obviously follow all the unwritten rules attached to a successful relationship.' Commitment, compatibility, patience, tolerance, respect and understanding are definites for a successful partnership in business, but the rules attached to working together can't be verbal or unspoken. They must be discussed in advance, written down and literally cast in concrete. The bigger the financial investment the more important this advice is. Where a couple may have left paid employment, heavily mortgaged themselves or perhaps sold their home to raise several hundred thousands of dollars in capital to invest in a franchise system, one of the first rules must be to keep family matters and any other issues, particularly if they're emotionally charged, out of the office or workplace. With so much riding on their financial futures and wellbeing it is vital for both to stay centred and focussed. Our advice is to schedule a time each day to talk over family matters or anything else non-work related. As formal as this sounds, it actually works for your business by forcing you both to take time out. Stepping away from your business for however long is as good as a rest and crucial to getting more done.