Aussie Warwick's husband and wife team Phil and Natalie tell what it takes to work with your significant other.
Phil Barton and Natalie Duong began Aussie Warwick last year. Over 12 exclusive diary entries they talk about the personal and professional challenges of running a new brokerage.
As Aussie Warwick moves forward on the eve of our second year my thoughts have turned to what our first 12 months have been like working as a husband and wife team.
Working so closely with someone who shares more than just a professional interest in the business has been challenging at times but also an absolute privilege to see how we have both grown together in experience. As parents of a young family, the opportunity to discuss the business simply isn’t available after work, a factor which honestly maintains a little sanity during hectic weeks.
While husband and wife businesses face many of the same issues as other small enterprises, it’s important for spouses to have opportunities to debrief about the business with someone other than their business partner. Close family and friends are essential to have as outlets and sometimes mediators to share concerns and successes. We are fortunate to have both - without this it can certainly be lonely in a small business.
Importantly, I believe that couples who operate a business together unite, develop and share the same visions for the enterprise. A united team enables longevity both personally and professionally but it does sometimes come at a cost and requires an understanding of the need for dedication of personal time to grow the business.
Family business owners often have a very long view of their business, both Natalie and I have a vision of having our children one day take over and run the business in the future. Is this a possibility? Maybe. But what it does mean is that we are sharing that long term goal together.
Honesty with each other
It is challenging for couples who run their own business to accept that there might be skills they don’t have between them and therefore they need to look outside of their relationship to further improve on the business platform. Honest criticism comes more freely with a husband and wife business, sparing the other’s feelings if a job hasn’t been done well isn’t the biggest priority if there are improvements that can be made.
We both acknowledged that although years of lending skills may be the essential tool that we bring to the business it certainly doesn’t mean that you know how to file a BAS statement, navigate MYOB or be a terrific manager of people. However as a family, you’re in charge and you can shape the direction of the business. I am fortunate that Natalie has taken on the role of administrator of the business and has managed elements that a CFO would take care of in addition to an HR role.
Natalie and I work from our individual office spaces rather than our own shared communal areas with the office divided into separate workspaces. We have distinct office space so there are times when we don’t really see each other during the day. The necessary distance is good and allows us to manage our clients and diaries independently so that we retain our own professional identity.
It is important that clients recognise each of us as professional mortgage consultants first and as a family business second. The latter offers us a chance to relate to the clients on a more personal level which often breaks down more barriers than you would imagine. We do this by personalising our office space to ensure a less formal atmosphere and conversation often turns to the topic of children and family.
Familiarity encourages open and frank conversations to ensure that each participant in the business is pulling their weight and working efficiently. The temptation is there to take a day of personal time to play golf or embark on retail therapy excursions whilst placing complete trust in the other. That being said, running a business with your spouse can be all-consuming, and it is important to make the time for normal relationship things, like spending a day out together and with the children.
One of my goals in setting up the business was to have more time for us to be better parents to both of our boys. It is one of the key reasons we decided to go out on our own and to increase not just flexibility but to have the freedom of choice … and to be the masters of our own destiny.
As Aussie Warwick moves forward on the eve of our second year my thoughts have turned to what our first 12 months have been like working as a husband and wife team.
Working so closely with someone who shares more than just a professional interest in the business has been challenging at times but also an absolute privilege to see how we have both grown together in experience. As parents of a young family, the opportunity to discuss the business simply isn’t available after work, a factor which honestly maintains a little sanity during hectic weeks.
While husband and wife businesses face many of the same issues as other small enterprises, it’s important for spouses to have opportunities to debrief about the business with someone other than their business partner. Close family and friends are essential to have as outlets and sometimes mediators to share concerns and successes. We are fortunate to have both - without this it can certainly be lonely in a small business.
Importantly, I believe that couples who operate a business together unite, develop and share the same visions for the enterprise. A united team enables longevity both personally and professionally but it does sometimes come at a cost and requires an understanding of the need for dedication of personal time to grow the business.
Family business owners often have a very long view of their business, both Natalie and I have a vision of having our children one day take over and run the business in the future. Is this a possibility? Maybe. But what it does mean is that we are sharing that long term goal together.
Honesty with each other
It is challenging for couples who run their own business to accept that there might be skills they don’t have between them and therefore they need to look outside of their relationship to further improve on the business platform. Honest criticism comes more freely with a husband and wife business, sparing the other’s feelings if a job hasn’t been done well isn’t the biggest priority if there are improvements that can be made.
We both acknowledged that although years of lending skills may be the essential tool that we bring to the business it certainly doesn’t mean that you know how to file a BAS statement, navigate MYOB or be a terrific manager of people. However as a family, you’re in charge and you can shape the direction of the business. I am fortunate that Natalie has taken on the role of administrator of the business and has managed elements that a CFO would take care of in addition to an HR role.
Natalie and I work from our individual office spaces rather than our own shared communal areas with the office divided into separate workspaces. We have distinct office space so there are times when we don’t really see each other during the day. The necessary distance is good and allows us to manage our clients and diaries independently so that we retain our own professional identity.
It is important that clients recognise each of us as professional mortgage consultants first and as a family business second. The latter offers us a chance to relate to the clients on a more personal level which often breaks down more barriers than you would imagine. We do this by personalising our office space to ensure a less formal atmosphere and conversation often turns to the topic of children and family.
Familiarity encourages open and frank conversations to ensure that each participant in the business is pulling their weight and working efficiently. The temptation is there to take a day of personal time to play golf or embark on retail therapy excursions whilst placing complete trust in the other. That being said, running a business with your spouse can be all-consuming, and it is important to make the time for normal relationship things, like spending a day out together and with the children.
One of my goals in setting up the business was to have more time for us to be better parents to both of our boys. It is one of the key reasons we decided to go out on our own and to increase not just flexibility but to have the freedom of choice … and to be the masters of our own destiny.
Phil and Natalie will be detailing their experiences every other Friday on MPA Online and in Australian Broker magazine two weeks following. You can find Aussie Warwick's website here.
Previous diary entries:
Diary of a new brokerage #6 Link, like and tweet me... please!
Diary of a new brokerage #5 Gain control of the uncontrollable
Diary of a new brokerage #4 When three become four
Previous diary entries:
Diary of a new brokerage #6 Link, like and tweet me... please!
Diary of a new brokerage #5 Gain control of the uncontrollable
Diary of a new brokerage #4 When three become four
