Boyfriend joining my business

I started my retail florist business 4 years ago. Its growing and going well but of course cash flow, BAS, tax etc are all challenges. I am in debt around $50,000 but paying this off slowly but regularly. My boyfriend, also a florist quit his other job and joined mine. Of course he is doing more hours than getting paid for. We are both on 40 hours per week.

As much as he wants to grow the business with me, I am still protective of what i have grown on my own. He came on board 7 months ago and we both work physically very hard everyday and does what is needed. I do all the paperwork and bill paying, quotes etc. with the help of my bookkeeper and often after hours. He does not help me at all in this department. There are some issues starting to occur He wants some sort of financial guarantee just for the extra hours he does which might be 20 to 30 per week depending on what jobs we have on. The extra hours are due to starting at 3:30am three days per week going to the flower market and then working all day in the shop. We are trying very hard to have allocated days off but sometimes that does not happen and annoys him every now and again.

I know we need to go and get business advice but want to know from who? How do i protect what i have built but look after him also? thanks for any advice.

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2 answers

user
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  • user

    Answer: Hi. I agree with Anna's response - you should look into some business advice on managing the business. Beyond that, speak to a lawyer about getting an agreement in place between you and your boyfriend. This should help you feel like you've protected what you've grown on your own and satisfy his desire for guarantees on the extra effort he's putting in. Your lawyer can act as an intermediary to get things out in the open and find out what the issues are, so that you can go forward without things niggling away. I hope that helps. Good luck!

    • Courtney Bowie
    • 09 Jan 2018
    • 10:44 AM
  • user

    Answer: It's always tricky to combine your business and personal life - but I think with the right kind of advice you can use it to your advantage. You know each other well, understand each other's vision and goals - I would say get some advice from a small business expert on how to manage your business. From what I understand, both of you need help planning your business strategy. Maybe hiring another person will also help - it might cost a little more, but it's the price you'll be paying for those extra hours.

    • Anna Lossow
    • 24 Nov 2017
    • 03:50 PM
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