You’re not alone if you’re going through a divorce and running a business. In fact, according to a recent study, nearly 30% of divorces involve business owners. This can be a challenging and stressful time, but it’s important to remember that many people are also going through it. Here are some tips on handling your divorce while running a business.
1. Get Organized
The first step is to get organized. This means gathering all of the relevant financial documents related to your business and anything else that might help determine the value of your business. If you have employees, it’s also important to gather any documents related to their employment, such as contracts or job descriptions. Once you have gathered all this information, it will be much easier to have productive conversations with your attorney about the future of your business.
Remember also to document any changes in your business since the divorce began. This includes anything from new hires to changes in revenue or expenses. You may need this information to help you decide what to do with your business or how to split assets. If possible, get a business valuation from an independent source to help with the process.
2. Communicate With Your Attorney
It’s essential to communicate with divorce attorneys about your business and what you hope to achieve in your divorce. Be sure to provide them with all the relevant information so they can best represent you and your interests. It’s also important to be realistic about what you can expect to achieve; if you’re hoping to keep the business entirely, that may not be possible if there are other assets involved in the divorce.
However, if you’re open to negotiating, there may be a way to reach an agreement that works for both parties. You may be able to keep the business and split other assets, or you may be able to sell the business and divide the proceeds. It all depends on the specifics of your situation. You may even be able to come up with a creative solution that works for both of you.
3. Seek Professional Help
If you struggle to manage your business while going through a divorce, it’s essential to seek professional help. Several professionals specialize in helping people navigate these types of situations, and they can offer invaluable guidance and support. If necessary, consider hiring an interim CEO or CFO to help manage the day-to-day operations of your business while you focus on taking care of yourself during this difficult time.
You can also find support from other business owners who have gone through a divorce. There are often online forums and meetups where you can find people in similar situations and share your experiences. You may be surprised at how much you can learn from others who have successfully navigated this difficult but essential transition.
4. Take Care of Yourself
Divorce can be a challenging and stressful experience. It’s essential to take time for yourself, both mentally and physically. Make sure you’re getting enough rest, eating healthy, and engaging in activities you enjoy. This will help keep your energy levels up and ensure that you stay focused on what’s important during this difficult time.
Don’t be afraid to ask for help. Whether it’s from family, friends, or professionals, no one should go through a divorce alone. Reaching out to your support system can help you get through this difficult time. They can offer emotional support and perspective that can help you make the best decisions for your business and yourself
5. Make a Plan
Before the divorce is finalized, devise a plan for what you will do with your business. How will it look after the divorce? Who will be involved? How will the assets be divided? Will you keep the company, or will it be sold? Having a plan will help you stay focused and on track throughout the divorce process.
It’s also essential to think about the long-term implications of your decisions. How will your business be impacted if you decide to keep it? What kind of changes do you need to make it successful? Thinking through these questions now can save you a lot of time and energy in the future.
Divorce is never easy, but it can be incredibly challenging when you’re also trying to run a business. However, you can successfully navigate this difficult transition with the right approach and support. Take the time to communicate with your attorney, seek professional help, take care of yourself, and make a plan for your business. With the right attitude and support, you can come out of this experience stronger than ever.