Why Divorce Among Small Business Owners is On the Rise

By: First Union


Why Divorce Among Small Business Owners is On the Rise

Currently, the divorce rate in the US is at a high of fifty percent. Certainly, a staggering number and this number only increases when you start to talk about small business owners. As an entrepreneur you wear numerous hats and perform many roles—the role however that often gets neglected is that of spouse and partner. So why exactly is the divorce rate growing when it comes to small business owners…

Failure to set boundaries. As mentioned, your business is incredibly time-consuming; it is yours after all. You want to ensure that it succeeds and so you spend an inordinate amount of time at work. When not at work you're thinking about work. Inevitably a marriage is going to suffer under these circumstances. Small business owners need to do an overall better job of setting some hard and fast boundaries between their personal and business lives.

The financial risk. Starting and running your own business does involve a tolerance for risk. There are no guarantees. You may end up investing a fair chunk of your own money into the company. But does your spouse share this same stomach for risk? Arguments over money can kill a marriage faster than perhaps anything else.

Jealousy. And we're not talking jealousy over another person—in this equation, it's your business that becomes the ‘other' who is taking not just time, but your focus and your passion. You thus have little left to devote to the marriage and things do start to take a turn for the worse.

That phrase worklife balance is critical here, especially for the small business owner. Yes, you have to be committed to your company, but if you want your family/home life to thrive, you also have to devote your attention to that as well. When problems and tensions do arise, address them—be proactive when it comes to your relationship, just as much as you are with your business.

If your business is in need of funding, First Union is here for you. We have loans from short term loans to lines of credit. Call today!

Becky: Hi! Let's find the best loan option for you

Google 4.8 star rating
Trustpilot 4.6 star rating

First Union Lending LLC is a dually licensed Lender/Broker with its main offices located at 4900 Millenia Blvd First Floor Orlando, FL 32839. First Union Lending LLC and its ads are meant for continental United States, including Alaska and Hawaii small business owners. Business Loans offered by First Union Lending LLC have varying rates and terms that can range from 30 - 120 payments and all rates and terms are based on eligibility of the business and its owners. The actual terms are based on credit, business history, industry, amount and terms. As an example, a $5,000 loan paid over 5 years at 8% would have a total repayment of $6,082.92 over the life of the loan. We use the latest encryption to protect sensitive information transmitted online, as well as run our own secure server network to ensure your information is protected offline as well. California loans made pursuant to the California Financing Law, Division 9 (commencing with Section 22000) of the Finance Code. All such loans made through VBJ Consulting, LLC, a licensed finance lender/broker, California Financing Law License No. CFL#60DBO78163

Copyright © First Union Lending, LLC. 2023