How Co-Owning a Business Can Fuel Personal and Professional Growth

As individual therapists, neither of us ever had the goal to be co-owners of a therapy group practice. But when we realized our visions for our businesses aligned, and we were managing life with young kids, it made sense to put our heads together. We are grateful every day that we did. We had no idea the adventure and growth that was ahead of us—as individuals, owners, and in our business. 

We spent some late nights together building the basic components of a therapy business. Over the years, we have grown as business partners, owners, supervisors, and therapists. We’ve learned how to apply our complementary strengths, such as how Marjorie writes and encourages therapeutic growth, while Heidi manages the finances and encourages therapeutic boundaries. In turn, we’ve gotten to know each other under pressure. We understand what we each need in terms of accountability and support. And we get to practice the skills we cultivate in our clients—patience, understanding, and lots of open communication. 

Our Professional Growth 

In four years, we’ve grown to a team of nine therapists and moved to a larger office. Like many therapy practices, we’ve juggled the high demand for therapy services with working to run a profitable business. However, the stress of the pandemic actually strengthened our partnership, as we had to learn how we work individually, as a team, and as parents of young children. We adapted, deciding quickly to pivot to virtual-only appointments, then a hybrid of in-person and virtual sessions. 

Our Personal Growth

At the same time, we’ve figured out how to be friends and run a business in a way that serves not just our needs, but the needs of our team and community. We are proud of our success and also know how much deliberation and late-night work was required to get here. We find strength in one another, we can get more done, and we can engage with each other and our business in creative ways. All this serves to keep us energized in what can otherwise be considered an isolating therapeutic setting. As co-owners, we always have a connection with each other to  create an open and healthy environment for our team who, in turn, pass on the same level of care to our clients. 

How to Navigate Co-Ownership

The interpersonal dynamic of co-owning a business is much like being in any other committed relationship. So, we took some common questions that romantic partners use to reflect on their relationships, and applied them to our co-owner relationship. If you’re considering entering a business relationship with someone, or you’re already in a partnership, you might find these questions helpful.

What drew you together, and what keeps you together?

While timing drew us together by happenstance, our partnership has evolved into a shared mission and vision that’s amplified by working together. Each year, we assess and solicit feedback on the needs of the therapists on our team and the clients from our community to reorient our offerings. With accountability, creative brainstorming sessions, and two minds combined, we’re proud of what our practice has become. We know that whatever shifts happen locally or globally in the future, we can continue to innovate and evolve to keep up while working side-by-side.

How do you balance friendship with working together?

We make it a point to share both personal goals and struggles with one another even during business meetings. We show genuine interest in each other’s families—without the pressure to do things like spend holidays together. Perhaps that’s the benefit of a friend-owned business over a family-owned business! We’ve had to learn what works for each of us over time and continue being open and flexible as our personal lives shift.

How do you deal with conflict? 

Although we’ve always been able to align on our vision for the business, we don’t always agree on everything. We spend time at the beginning of each new year assessing our prior year—acknowledging the successes and noting what didn’t work before building next year’s vision. We may each have differing approaches to decision-making, but the yearly vision and mission for our business keeps us securely aligned. 

How do you plan together?

When we meet, we take the time to check in personally before diving into the nitty gritty of business needs and decision-making. Our pre-meeting ritual indicates to us that we care about one another as individuals first, before we care for our business. Over time, we’ve built open lines of communication and emotional attunement to notice when our work needs to flow within the bounds of personal demands. 

It may be nice to get that new website up and running or jump right into a payroll issue, but not if it means significant stress is added to either of our personal lives. Although we each have young kids at home, we do sneak in the occasional coffee or meal together, and anticipate that the social part of our friendship will expand as our lives allow for it. It’s non-negotiable for us that our relationship as co-owners comes before the business’ demands—otherwise both will crumble.

Business co-ownership is a partnership like any other. There are benefits and downsides, the typical ups and downs in the context of life. But overall, when you nurture your relationship and yourselves together, co-owning a business can create a space for personal growth, a dynamic business, and a greater impact in your community.