You own 50% of the business that is your relationship. With your shares come a set of responsibilities. Know your role within the company! (I am not speaking in terms of gender). Here are the two positions that are currently open in your relationship.
Chief Executive Officer (CEO) This position is in charge of overseeing the day-to-day operations. The family schedule, the meeting times, assigning duties etc… All decisions must go through the CEO. A good CEO knows how to delegate as well as take on tasks individually. This is not a position for the lazy and it tends to be filled by visionaries or multitaskers.
Chief Financial Officer (CFO) This position is in charge of overseeing all of the financial decisions of your relationship. Every large purchase needs the signature (approval) of the CFO. Good businesses have a CFO that is aware that sometimes you have to spend money to make money. They also act as a consultant when it comes to saving and investing. This position should spend more time on crunching the numbers than making large decisions. It is typically filled by analytical individuals.
After you have filled your position as CEO or CFO, OWN IT and be accountable for your actions. Justify your decisions with sound logic. Do not try to fill both positions, it will do more harm than good. If you try this you will end up resenting your business partner. Equal responsibilities lead to healthy relationships.
As for me…I am the CFO! My wife is the CEO and we both live up to our responsibilities within the company.
WHICH POSITION WILL YOU FILL?