
There are many examples of husband and wife teams who have found business success together. Married food entrepreneurs, Vini and Bal Aujla, joint founders of curry sauce company, ‘Vini & Bal’s’, are the latest twosome to hit the headlines after their recent appearance on the BBC’s Dragon’s Den. Following their pitch to the Dragons, they managed to secure a £50,000 investment from Piers Linney and since filming back in March, the business has secured a contract with Sainsburys.
Over 500,000 new businesses were established in Britain last year, according to StartUp Britain, and with the entrepreneurial trend set to continue, there is a strong possibility that more husband and wife teams will be tempted to take the plunge and go into business together. However, mixing business with pleasure can bring challenges and is unlikely to work for everyone so extra care should be taken when laying the foundations for such businesses. Business partnerships can be fraught with difficulties and the fact that the partners involved are married can make things worse rather than better.Take advice on the best way to finance the start-up costs
If these cannot be met from your own resources. There are many ways to raise finance and you need to ensure you give the business the best start with the best financing option.Put in place suitable exit arrangements
Make sure you have your intellectual property protected
This includes trade mark protection if the brand value is likely to be material now or in the future.If you have employees who are key to the business, ensure they are on proper contracts
Make sure they have suitable protections against competing with your business. You should also take tax advice to ensure you have structured everything in the most tax beneficial manner. Gary Davie is partner and corporate law specialist at Shakespeares. Image sourceShare this story