Keeping your business going even during a divorce
I regularly see and speak with successful entrepreneurs who have lost their way and who can no longer think and act logically and clearly. They can't concentrate. They're bombarded with unsolicited advice from all around, not to mention going through intense emotions like anger, guilt, and sadness.
Divorce is painful, that much is true. The contact with your husband, wife, or partner is tense and troubled. You no longer understand each other, or at least not like you used to. In-laws, new partners, and children make communication even more difficult.
Put together a dream team for your divorce
What should you do? And what should you definitely not do? How do you keep or regain the overview? The best advice is to start within and work on yourself. If you can think differently, you will act differently and will feel different. This is hard when you're going through a divorce, but our next piece of advice is even better: don't do it alone.
Invest in your own dream team. Share or, better still, pass on your financial, legal, and other concerns to professionals who deal with these issues daily. You have enough on your plate trying to sort out your thoughts and feelings and keeping your business running, which can also be a good distraction from all those intense emotions.
Which advisers do you really need?
You need an accountant who knows your business well and can look at your situation with a certain professional distance. Someone who will think and act in your interest above all.
Then you need a divorce lawyer who knows the legal aspects, can direct matters, understands feelings and thoughts, and knows how to negotiate.
And for those who dare, get a psychologist, coach, or another confidant. Someone to help you solve the problem where you have the most influence: yourself.
What are essential issues in a divorce?
Legally speaking, divorces can be pretty complicated, but that does not have to be the case. The matter is only tricky because emotions rule instead of common sense.
If you and your dream team can get past this, you can address and resolve the most critical issues in a divorce.
- Who gets to stay in the house temporarily, with or without the children?
- Who ultimately gets the house?
- What needs to be divided?
- Who pays what support?
- How are the children affected?
- What happens to your pension?
The most important question for an entrepreneur is, what happens to my business if I get divorced?
For example, if you have to share the value of your business with your ex, case law shows that this should never mean that you are no longer able to run your business.
What value are we talking about though, and what amount would mean you can no longer run your business? You can determine a winning strategy with your advisers by identifying the good and bad odds together and knowing what is important to your ex.
Making agreements together
Especially in divorces, it comes down to observing, listening, sensing, and acting at the right time. This means you have to be patient when emotions cloud the view.
Your time will come, and then you will be able to make a trade-off. A good arrangement for the children in exchange for less money from the business, for example.
At the end of the day, it is about the value you afford something, and that cannot always be expressed in cash.
Costs and proceeds
Speaking of money, good advisers cost money. Let's just say they are not cheap, but they do increase the chance of a win, which is priceless.
Peace of mind, in your heart, and in your business's cash register. Allowing you to do business as usual and more than make up for all the expenses incurred.