Going through a divorce is tough, but when you own a business, it can feel overwhelming. You’re not just dealing with personal heartbreak; you’re also trying to protect the livelihood you’ve built. The good news? Many business owners have faced this challenge and come out stronger. In this post, we’ll share their stories, lessons, and tips to help you navigate this journey. Plus, we’ll give you resources to make the process easier.
Lessons Learned from Business Owners
1. Prepare for Business Valuation
One of the first things divorcing business owners face is valuing their business. Many didn’t realize how important this step was until they went through it.
Lesson: Hire a professional to ensure your business valuation is accurate. This will prevent unfair settlements and protect your assets.
2. Separate Emotions from Business Decisions
Divorce is emotional, but successful business owners learned to keep personal feelings out of their business decisions.
Lesson: Focus on what’s best for the business, even if emotions are running high. Some owners worked with mediators to keep things civil.
3. Build a Strong Team of Advisors
Entrepreneurs who survived divorce didn’t do it alone. They relied on a team of lawyers, accountants, and financial planners to guide them.
Lesson: Assemble a support team early to help with the legal and financial complexities of divorce.
4. Consider Future Business Goals
Some business owners decided to buy out their ex-spouse’s share, while others opted to sell the business entirely. Each choice depended on their future plans.
Lesson: Think about where you want to be in 5–10 years and make decisions accordingly.
5. Protect Your Energy and Time
Running a business during a divorce is exhausting, but those who survived made time for self-care.
Lesson: Prioritize your mental and physical health. This will help you stay focused and make better decisions.
Resources to Help You Navigate Divorce as a Business Owner
Books
- “The Entrepreneur’s Guide to Keeping Your Business Alive During Divorce” by John Cummins
- “Splitting: Protecting Yourself While Divorcing Someone with Borderline or Narcissistic Personality Disorder” by Bill Eddy and Randi Kreger
Podcasts
- Divorce for Entrepreneurs Podcast – Insights from business owners who have navigated divorce.
- The Divorced Entrepreneur – Weekly episodes about rebuilding life and business post-divorce.
Websites & Guides
- Divorce Net – Guides on how divorce affects business ownership.
- Nolo.com – Resources for legal and financial advice.
- SCORE.org – Free mentoring for small business owners.
Affiliate Links (Services and Products)
- Rocket Lawyer: Affordable legal services for divorce paperwork. Check it out here.
- LegalZoom: Business incorporation and legal advice. Start here.
- QuickBooks: Manage your finances during divorce. Try QuickBooks.
Magazines
- Entrepreneur Magazine – Articles on managing business challenges, including divorce.
- Forbes Small Business – Insights for entrepreneurs facing financial changes.
Step-by-Step Action Plan for Business Owners Facing Divorce
- Get Legal Advice: Speak to a divorce lawyer who understands business ownership.
- Evaluate Your Business: Hire a professional appraiser for an accurate valuation.
- Separate Business and Personal Finances: Open separate accounts if needed.
- Plan for Negotiations: Be ready to discuss buyouts, co-ownership, or selling the business.
- Protect Your Mental Health: Find a counselor or join a support group.
