What should be considered before my husband quits his job to work with me?
We've been debating firing an employee. Since I don't want to hire a new person my husband suggested he quit his job and take that employees position. He would make about the same thing he makes now. What should the determining factors be for this? I'm trying to make an objective pros and cons list.
I don't know what kind of business you have or its history of success. But, in today's economy, it there is even more of a downturn and your husband and you are in the same business, it would affect both of you....no income.
It is much like one's investments being diverse rather than in one area. With one working outside of the business, it can ensure you will continue to have some income in case of a slow down in your business.
I guess with jobs so hard to come by these days, I hate to see someone give up an established job. It is just scary to let go of a job your already have.
So I would consider how secure his current job is, any benefits, how secure your business is and likely to continue to succeed and will your family continue to have good benefits, ie. health insurance etc. Also working together daily is hard even in the best of relationships. If you've been running the business, in the trenches so-to-speak while he works outside the home, is it going to be difficult to share the "power."
Good luck with your decision, let us know what happens...please :-)
Can you afford to be without his income?
Can you stand to be together 24/7?
You'll need to set up a schedule and a set of responsibilities so both of you know who does what and when everything is due.
The thing that jumps out at me is the way you asked your question. Mainly the summary. I'm guessing something you may not have considered.
In your summary, you began by saying , "We've" been debating firing an employee. Well, that employee is obviously your subordinate if you have the authority to fire them. The term "We've" tells me that your husband is an intricate part of your company's decision making. A partner, if you will. So, he takes the place of the fired employee. Have you decided if he will be a partner or a subordinate and be able to carry out his assigned responsibilities without questioning your decisions like any other employee would be required to do? Or, are you ready to give up some of your authority and make him an equal? Sounds like this is a company that you created.
The other thing is, what will be the reactions of your other employees , if you have any? Will they look at him as an equal or a boss? This could be difficult for them , and him also, but you can't have both.
Please realize, if he works with you, in any capacity, it will effect both of your work lives and your home life. If you disagree about something at work, you'll carry that home. Disagree at home, carry that to work.
If your business runs into rough times, who will carry who? Are you putting all your eggs in one basket.?
Remember, if you work together, your work life and marital life will have a tremendous impact on each other. Maybe, hiring an outside person would be much less stressful to your lives as a whole.
Good Luck in whatever you decide. I appreciate that you are open-minded enough to even ask for outside opinions. Owners seem to have a tendency to be arrogant and have big egos. You've shown neither.
Joanwz has some good points to consider. From my personal experience, having a family member as an employee seldom works out like you want it to. I've fired my wife and brother both, it's not fun. There can be only one boss and it's much easier to run a business if your work and home life are apart.
There are already some really good answers and I don't have much to add, but I think it is a big consideration. Does he really like the type work your business does, and will it make him happy? If he can honestly answer "yes" to these questions and doesn't intend to return to the job market, then that's not a real consideration. When my husband and I married 28 years ago, I left my career to help him start a business. It wasn't in my line of work and I didn't think I would like it, but a promise was a promise. I was miserable and could hardly wait to get back to my career three year later. I found that little sacrifice cost me several thousand dollars in income because I returned to the job market at several thousand less than I had been making and it took me several years to get back to my former salary. By that time, My colleagues had bypassed me, and I went back for a masters degree to try to catch up. I have always regretted leaving my career for his business, which I might add, failed anyway.
Thanks for the answers. This is still a work in progress and we are going to give it lots of thought before we make a decision. 7 years ago he helped me start this business. It is both of our loves but 3 years ago when I got pregnant with our daughter things were so complicated that he returned to a regular job and I closed the business to keep from losing our daughter. I restarted almost a year ago and it is bigger than I ever expected. Without him by my side I can handle it but certainly not as well as I could with him. At the same time his job has awesome benefits, vacation, and matches his 401K 100%. Our business actually booms in bad times and gets harder in good economic times. There is just a lot to consider and both of us aren't ready to make that decision. My husband is starting to hate his job. I'm not sure how long he will hold out. I appreciate you guys thoughts. You've given me even more to think of.
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