When it comes to owning and running a business – both suck.
But one is much more frequent than the other,
In fact, the phrase “if you get hit by a bus” which I have used and will stop using for one simple reason…
No one gets hit by a bus!
And so who will listen to the warning of what can happen when you get hit by a bus?
It’s like me telling you to beware of being hit by lightning while standing next to a midget wearing a steel hat and smiling with a mouth full of metal fillings..
It’s just not going to happen.
But divorce?
According to Business Women Media “Statistics indicate that divorce among entrepreneurs ranges from 43% to 48%. Experts say marriage dissolution and divorce rates among business owners are higher than any other group based on those numbers.”
Now why is that?
The Article talks about the business being the 3rd wheel, the stress of running the company, and of course one spouse being fully 100% consumed by it.
(All symptoms by the way when you run a business that acts more like a job. One where you have to make all the decisions and be present every in order for it to run.)
It’s a crazy number but why is it important?
First, the business is often the most valuable and illiquid asset in the marriage.
But it can still take months and sometimes even years to put a business into top sellable shape.
Second, Divorce can often force an involuntary exit or even dissolution of the company.
When divorce rears its ugly head not only do you distract the owner from the business but you may be forced to introduce an aggressive timeline to divide up the assets.
Espeically if it was a business built during the marriage and both spouses helped.
Then one spouse may have to buy out the other or the company forced to dissolve and the proceeds split.
Regardless, you will not get a good value in such circumstances – especially if your buinsess is in no state to sell.
So the moral of the story?
Don’t worry about the bus but prepare yourself and your business regardless.
You can start by attending our next owner’s table here.
And join my email list where we speak daily of the benefits and opportunities from transforming your business into an asset instead of a job. You can sign up here.