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Till death do us part: should you buy a franchise with your partner?

Sarah Stowe

The apple of your eye, the love of your life, and sometimes…your squabbling partner. You’ve decided to grow old together, but are you meant to buy a franchise together? Like any business, there are pros and cons to buying a franchise with your spouse or partner. Image: medicaldaily.com 

Like any business, there are pros and cons to buying a franchise with your spouse or partner. And in any case, it makes no difference legally or financially if you’re married or in a de facto relationship.

Jane Garber-Rosenzweig, principal at Gable Lawyers says going into franchising with a partner or spouse can be beneficial. Great communication in a relationship is a green light for buying a franchise together.

“There is an understanding when both individuals are working toward one goal,” she says.

However, she advises that a will needs to be put in place in the event of divorce or death.

“That’s probably the toughest conversation to have,” she explains.  

Potential franchisees need to consider what happens to 50 percent of the share of business if one person dies. And in the event of divorce, a pre-nuptial agreement doesn’t stand up in court, but a shareholder or partnership agreement outlining these details does.

 “A partnership or shareholders agreement will be beneficial in the event of death or incapacity.”

Garber-Rosenzweig also highlights the need to understand the roles of both partners, the roster, and how family balance will be achieved.

Not to mention the end game. Potential buyers need to think about what is it they would like to achieve from the business – expansion or to sell after a certain period.

Bill Lockett, founder at People2Business, says buying a franchise with a partner can work well if both individuals complement each other.

“Find out about yourselves, find out what makes you both tick,” he advises.

“Undergo psychometric profiling to understand your work style, emotional and social intelligence.”

Lockett says that when buying with a partner or spouse, in-built trust questions emerge including whether you operate as a sole trader, partnership, trust, or company. Roles also need to be set out in the business and the appropriate formalities undertaken.

“You should make sure you have a proper legal agreement in place,” he says.

“It does need a lot of hard work from both people’s point of view and a lot of compromise.”

Jetts Fitness: Kym and Brennon

Husband-and-wife team Brennon (a former Olympic gymnast) and Kym Dowrick have owned the Jetts Gym franchise in Booval, Queensland since December last year.

Both have been in business together for the last sixteen years in a health and fitness corporate consultancy.

Dowrick says that she and her husband have the same ideals, which means that they can work together as a team. Buying a business can also allow for flexibility in balancing work and time with their four children.  

“The benefit is you that it can give you a lot of family freedom,” explains Dowrick.

“One of the big benefits of a franchise is the support.”

She emphasises the importance of setting out clear roles.

“We realised very early on what we’re both good at,” she says.

However, there are challenges to owning a franchise with a spouse, especially the work required in the beginning and the level of flexibility.

“Initially it’s a lot more than you think it’s going to be,” says Dowrick.

Trying not to bring work home can be a challenge; especially if a couple has children. Her advice to couples considering buying a franchise together is to keep in mind the age of children. As her children were between the ages of 11-19, she says that she and her partner were able to put in the hard yards with their family’s support. She also advises potential buyers to do their research, especially by speaking to existing franchisees.  

Want to find out more about a Jetts Fitness franchise? Take the next steps now.