Women In Family Business-Important Questions to Ask Your Husband

By Patricia Annino, J.D., Thomas Davidow, Ed.D. & Cynthia Adams Harrison, Ed.D., LICSW

This post will help you address the psychological, relational and practical issues associated with management and succession which impact the lives, in the short and long term, of today’s and tomorrow’s women in family owned businesses.

My husband doesn’t discuss the business with me. How do I find out what is going on?

 It’s both healthy and reasonable for you to want information about what is going on with the business. Here are three reasons why:

  1.  If your children are going to be entering into the family business, or already have, it’s important that you and your husband discuss how they are performing and how to treat them fairly and reasonably.
  2.  Your family business may well be your most valuable asset. If you plan to pass it on to the next generation, knowing about its condition will help you assess the wisdom and possibility of doing so. If, for example, you have a child in the business who is not performing up, and one of you wants to continue to give him or her opportunities, the other one can explain in concrete terms the risk of doing that to your financial health.
  3. For the sake of your own financial security, it’s important for you to know the answers to the following questions as they pertain to the various stages of your life:
    • What is my right to involvement in what you had before you married me?
    • What’s going to be transpiring as we go along?
    • What is going on with the business?
    • How are we going to retire?
    • What happens if you become disabled?
    • What are you doing with our wealth?
    • How are you dividing it up amongst the kids?

The answers to these questions will clarify your financial future as well as any implicit, unstated contracts of your marriage.

Patricia Annino is a sought after speaker and nationally recognized authority on women and estate planning.  She educates and empowers women to value themselves and their contributions in order to ACCOMPLISH GREAT THINGS in the world – and in so doing PROTECT THEMSELVES, those they love, and the organizations they care about.  Annino recently announced the release of an updated version of her successful book, Women and Money: A Practical Guide to Estate Planning to include recent changes in the laws that govern how we protect our assets during and beyond our lifetime.  Annino’s book is an exhortation, resource and trusted companion for women in all facets of life.  To purchase the book visit:  http://amzn.to/hOHuEV or for more about Annino, visit: www.patriciaannino.com