Finance and Personal Connections
Yesterday, we received a voicemail from a young man who is the son of a client.
His message let us know that his father had passed away unexpectedly the week before. He needed help navigating closing down his dad’s business and making sure he didn’t miss anything. This client is someone that we have loved working with and supporting him as he grew his business and built something for his family and himself. He was an incredibly kind man with a great sense of humor and an honesty and realness that made us proud to be a part of his team. Needless to say, we are going to miss him, both as a client and as a friend.
Such an interesting touch point for this month’s topic.
As business owners, our business financials are intrinsically linked with most, if not all, aspects of our personal life. And this definitely includes our relationships. And the ways that money affects our relationships is a mixed bag.
It can be overwhelmingly positive:
My business has allowed me to build a life as a single mother that offers flexibility, financial independence and a great community.
It can be crushingly negative:
Post-covid changes in the economy pushed small businesses (including some of our neighbors and clients) out of business, which definitely had impacts on their families.
It can be weirdly confusing:
If I am my business and my business is me, how much should I pay myself?
Which debt should I pay first?
What about retirement?
It definitely can be complex and nuanced:
My partner feels threatened by my success.
How can I set myself up so my kids aren’t stuck taking care of me in my old age?
How do I navigate the emotional pitfalls of being responsible for the financial success of all of my employees as well?
As a small business owner, I have felt the full range of these impacts over the last few years, either in my own business or in advising clients. And every time a client comes to us with something new, we do what we can to research, learn and help them navigate it. Because, like this client who passed away, you are all much more than invoices and time tracking and monthly workflows. We care about your businesses and your lives, your families and your goals. All of it matters to us. And when you succeed, we are right there with you. And when shit goes sideways, we will support you however we can.
This month we will touch on a myriad of ways that our business finances can intersect with our relationships and offer you advice, resources and considerations in all of these aspects. Here are a few of the things we will address:
Splitting finances in a romantic partnership
Managing care for aging parents while running your business
The challenges and benefits of business partnerships
Bringing your family into the business
Closing down your business
Guardianships, trusts and other tools for caring for family members
Our personal relationship to our finances and how it affects our stress and self-worth
We hope that these resources and discussions will help you to understand and navigate these confusing and complex issues with more confidence. We hope that we help you ask the right questions and point you in the right direction for solid answers and help. You don’t have to go at it alone. Rely on your team and get resources to set yourself up for success. Please reach out if there is any way that we can help you to feel more confident in navigating the intersection between your business and your personal life and finances!
“May there be comfort in knowing that someone so special will never be forgotten”
