As an entrepreneur who’s going through divorce, you suddenly find yourself strapped for cash, resources, and good ideas. What should you do? It’s hard enough to run your business when you’re at full capacity. Now, it feels like one hand’s tied behind your back and someone’s punching you in the stomach at the same time.
Getting Support and Handing Off Critical Business Processes to the Right People
No entrepreneur builds a business in a vacuum. You need good people to compensate for your weaknesses and help you create a dynamic, sustainable competitive advantage. A restaurant owner, for instance, cannot wash the dishes, cook the food, clean the floors, market the business, handle the books, meet and greet the guests, et cetera, all herself. Likewise, you can’t do everything in your business yourself either.
When you’re going through divorce, you’re may have to “check out of” the company – at least for a little bit – while you manage the critical aspects of the separation, such as child custody and the division of marital assets.
To protect what you’ve built, be resourceful. Try to figure out how you can get the people in your company (or outsourcers or “insourcers”) to handle some of the workload for you, so you don’t put the business at risk. Pose questions to yourself, like:
- What person in the company could do the most time consuming, low leverage activities I’m currently doing?
- If the divorce took up 50% of my time, how would I keep the business functioning?
- If the divorce created problems with my business plan or model, what could I do to ensure cash flow and take care of the other critical necessities?
For help dealing with many challenges of divorce for small business owners, connect with the team here at the Toussaint Law Firm today to talk about your needs. We can provide a confidential and thorough consultation.