Your Partner Wants to Quit Their Job: Here's What Your Business Needs to Know
Episode 548: Show Notes
We are really excited to chat today because we are sure some of you have had this situation pop up in your lives, you may have already dealt with this pre-pandemic, and we have a handful of small business owner friends in the same situation too. Emylee has had a few people ask if they can pick her brain about the fact that their partner realized last year that their work environments were more toxic than they were willing to put up with or the benefits aren’t worth it, and that their partners’ small business is where it is at. So, people are wondering what they need to do to step up their business so their partner can leave their job. We love this question because it feels like a big scary goal for a lot of people, but if it is not voiced by both people in the relationship, it does not get worked on as much. Emylee said to Abagail that she wants to talk about how Abagail’s husband managed to leave his job two years before COVID. What kinds of things did they do leading up to that, and now that they are in phase two of having him home, how does it look different? If you are a business owner and this suggestion has been brought to you by your partner, what guidance can we give you, in your business?
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Looking at the Decision from a Bigger Picture Perspective
Although this is a super exciting opportunity, it can also be very stressful because there are a lot of components that go into making something like this work. On one hand, during COVID, you got to see what it was like to be home with your partner, and on the other, you also saw what it means to be with your partner all the time. So, when you choose to transition into this type of work, you are going to have to consider it holistically and not just from a money or planning point of view. When all of these things change simultaneously, there is certainly going to be disruption. In the planning phase, you have to make sure you are clear you understand whose goal it is, and why you are doing what you are doing. For so long, Abagail said she wanted her husband to retire. But this was actually toxic language because they were not on the same page. There will be elements of planning and elements of doing things very quickly, so you might have to move rapidly when it comes down to it. Maybe, if your partner’s workplace is so toxic that they are taking too much mental health strain, they need to leave immediately.
What About Finances?
So, let’s talk about finances because it is a real consideration. The thought of going to one income can be stressful, and people either tend to underestimate or wildly overestimate how much money they will need. Let's be clear though: none of this is dependent on how much your business is making. It is about how much money you can bring home. The first step is to look at how much your partner is bringing in, both in terms of how much cash they bring in and the degree to which their salary covers expenses. You will also need to understand the benefits they currently have that have immediate and long-term impacts and how this affects you. Usually, covering the medical insurance aspect of transitioning out of a job is the most daunting thing for couples, but there are alternatives. For instance, your business might be able to take out a plan. If you are done having children, or you are not interested in having children, there are definitely different considerations you will have to make when it comes to medical insurance.
The Role Your Partner Will Play After They Leave their Job
When it comes to strategies within the business, either you are the type of person who is going to plan something like this for a long time, or you are the type of person that moves quickly. If your service-based business is already established, you are in a pretty good position to make this transition. Maybe you have some good one-on-one clients and other good steady income, so how can you increase your business? Perhaps this isn’t something that you want to do, and you would rather enjoy your lifestyle instead. But if increasing your business is interesting to you, the question then is about whether your partner is going to be in the company, or whether they are going to take other things off your plate, so you have more bandwidth for your business. That depends so much on their previous expertise or whether you want to even work with your partner. There is a third option as well, which is for your partner to start their own business because maybe working together just doesn’t work for you. You probably don’t want your partner to have nothing to do, and so there are many options you can use to make it work. When there is no clarity around expectations, there will be so many conflicts. If your partner has left a toxic workplace, you don’t want to add more pressure to them, so give them some space in the first few months.
Making Up for the Income You Have Lost
Budgeting extra expenses is probably the easiest option at the beginning. Yes, it will require savings, but isn’t that exactly what all the money you put away for rainy days is for? If your partner wants to take six months to a year off and they don’t want to pursue their own business, they will have to take things off your plate, either in the business or on the home front. Realistically, you will either have to increase your prices or your workload, but there is no way you are not going to have to put more of yourself into the business in some way. For Abagail, her husband is better at customer service than she is, so having him take this over suits them both. Yes, as a small business owner, you are so invested in every aspect of the business, and maybe it is hard for you to hire an outside person, so perhaps your partner is the best way for you to bridge this gap. You can test way more things when someone is in your home, and you have more opportunities to experiment with the type of work you want them to do. It is also okay for you to love spending time with your partner but hate the idea of working with them.
Leveraging What Your Partner is Good At
Maybe there are some aspects of your business you know you need to pay attention to in order for you to scale, so is there a way you can leverage their skill set that will help you to be able to grow? It might not always be a direct skill of theirs, but maybe there is just something they are better at than you that they can do for the business. A good way to test whether or not you can work with them would be to trial it while they are still working, and if it goes well, when they are ready to leave their job, you can go all in. For Abagail and Jared, things look totally different now than they did three years ago. You don’t have to make this decision forever; you are in charge of creating a life that works for you. If your partner needs to take a part-time job, then so be it! Jared has been flexible in what he has done, and it has really paid off because in just six months last year, he and Abagail managed to increase their income by 30%, which would never have happened if they were just working in corporate positions.
Creating a Life that Works for You
Abagail didn’t want Jared home so that they could spend every waking hour together, but there were so many ‘ordinary’ things that she wanted to do with Jared at times that suited her. So, if she finished work at 2 PM, maybe they could go on a walk together or have lunch. Before, Jared would only get home after 6 and then be so exhausted and have to go to bed early because he had a commute. But now, they get to spend time together when they have more than enough energy for one another. Just last week, Emylee and Bryan woke up together because they had a meeting, and because he was only going into the office later, he had more energy. You get to design the life you want, and this includes your children and how much time you get to spend with them. Even though this might seem daunting to you, it is totally within your reach! You are so talented and probably under-valued, so what would happen if you actually took yourself and your gifts seriously? Something we didn’t touch on is also retiring a parent and getting them to work for you so that you can spend more time with them.
Quote This
Being in the driver’s seat and owning your own business gives you more opportunity than you see possible right now and that is so freaking cool.
Highlights
Looking at the Decision from a Bigger Picture Perspective. [0:04:54.1]
What About Finances? [0:09:29.1]
The Role Your Partner Will Play After They Leave their Job. [0:17:37.1]
Making Up for the Income You Have Lost. [0:29:00.1]
Leveraging What Your Partner is Good At. [0:33:30.1]
Creating a Life that Works for You. [0:40:59.1]
ON TODAY’S SHOW
Abagail & Emylee
The Strategy Hour Podcast
We help overwhelmed and creative entrepreneurs break down their Oprah-sized dreams to create a functioning command center to tame the chaos of their business. Basically, we think you’re totally bomb diggity, we’re about to uplevel the shiz out of your business.
KEY TOPICS
Partner Working at Home, Scaling Your Business, Leaving Corporate Job, Finances, Marriage, Health, Life by Design, Perspective
