About one third of all family-owned businesses in the U.S. fail in the first year, but having a good spousal relationship should be the first thing considered when starting one, according to the Wall Street Journal.
When starting a family business, the couple should have a firm relationship with one another; have similar work ethics, share goals, and also have healthy communication and a mutual respect, according to the Wall Street Journal. They should share expectations, goals and a passion for the business.
Family businesses account for 85 percent of businesses in the U.S., and are responsible for over 60 percent of the gross domestic product.
Working with family members can include loyalty, and shared commitment and investment, but there are disadvantages to it as well, according to the article.
"The intensity of family members working closely together causes strain," Andrew Keyt, executive director of the Loyola University Family Business Center, told the Wall Street Journal. "Unaddressed family issues can distract partners from coping effectively with important business challenges."
Families who are in business together frequently find it hard to separate their personal and professional agendas, according to the Wall Street Journal. It can be challenging to make business decisions without letting the relationship affect those choices.
Click to read the full article at wsj.com.