Searching as a Couple: A Powerful Partnership

Husband-and-wife teams searching for, acquisition, and then running a business form a unique variation of search partnerships. Searching with a partner (See Blog Post: Searching with a Partner, or not!) is one of the most fundamental choices a searcher faces before embarking on the long journey of leading a company as CEO—often for a decade or more. When that partner is your spouse, the experience can unlock a deeply fulfilling career and a remarkably resilient work-life balance—for both of you.

In my own case, my spouse Debby joined me as CFO a year after I acquired my search company, and we worked side by side for two decades. I can think of no better partner to accompany me on that journey. While not viable for most couples, it’s worth examining the success stories of those who’ve discovered the magic of spousal synergy—the multiplier effect of 1+1=3—that makes these partnerships thrive. So, why don’t more searchers team up with their spouses?

Historical and Emerging Trends

Historically, spousal search partnerships were rare and largely confined to self-funded searches. Only a few are highlighted in case studies—Larry and Pamela Stevenson, who with a third partner acquired SmithBooks in 1994 (Pathfinder Capital), and Linda and Mike Katz, who bought Molded Dimensions in 2001 (later profiled in the 2013 Elasto-Therm case study).

More recently, couples like Trish and James Higgins of Chenmark, joined by James’ brother Palmer, have acquired and operated multiple businesses since 2015. Trish observed, “We felt that owners would better relate to the ‘family’ aspect of search—it helped us connect.” Like many self-funded searchers, she launched mid-career (See Blog Post: Searching Mid-Career). Both the Katzes and Stevensons also began their search six years post-MBA, while starting young families.

Today, even within the traditional funded-search model, more couples are entering the field. Interestingly, 85% delayed launching their search until an average of 4.8 years after graduation. Sarah Rowell and Scott Mackenzie of Ridgeway Management Holdings waited twelve. Over half of the searcher couples met while earning their MBAs, with degrees from GSB, UCLA, Ross, Kellogg, IESE, INSEAD, and Ivey. Their professional backgrounds span consulting, operations, private equity, investment banking, and startups. Notably, half searched outside the U.S., including Canada, Brazil, and Europe (See Blog Post: Searching Internationally).

The U.S. Small Business Administration reports that 21% of small businesses are managed by husband/wife teams. Given generational shifts toward prioritizing work-life balance and increasing numbers of women earning MBAs, the rise in copreneurial search teams is likely inevitable. According to a study by IZA, such teams often outperform solo entrepreneurs in productivity and income.

Yet, these arrangements come with risks—putting all family income and investment into a single business and facing skepticism from sellers, brokers, investors, bankers, customers, vendors, and even employees. Gender dynamics can further complicate things, as noted in Nicole Torres’ HBR article, “Should Couples Go into Business Together?”

Facing Bias—and Embracing It

Many spousal searchers proactively address perceived investor bias. Corbin and Ivona Butcher, who searched in the Czech Republic via Continuum, embraced the “copreneurial” label. Brittany and Miles Collins (West Sands Partners) describe themselves as a “Family of Entrepreneurs,” while Courtney and Jonathan Dunn boldly call themselves a “dynamic husband and wife TEAM!” at Beachton Capital.

Investor hesitation is real. Simone and Malcolm Collins of Collins Family Ventures noted that some funders viewed married searchers as “unproven.” Others committed only to half-units. Corbin and Ivona Butcher tackled the issue head-on with research and transparency: “Marriage risk is a persistent heuristic bias.”

One couple insisted on always meeting investors together—one skeptical investor became convinced of their viability after a 90-minute meeting. As Enrico Magnani and Patricia Riopel of Magnum Capital advised, “Don’t try to win over everyone—focus on the ones who believe in you.”

Compensation can also be a thorny issue. Some couples reported year-long delays in establishing formal salaries when one spouse joined post-acquisition. As one pair noted, “Some investors may overreach, assuming the couple won’t push for fair compensation while juggling family and business.”

Choosing Your Spouse—Twice

Many couples reflected that choosing a life partner is far more selective than choosing a business partner. As Corbin and Ivona Butcher quipped, “Naturally, a spouse should be strictly better than a random classmate who happened to attend business school the same year.”

Simone and Malcolm Collins put it more philosophically: “Why marry someone if they don’t make you more productive? Isn’t most of life about working jointly on shared projects?”

One couple noted that dual-career constraints—travel, long hours, diverging corporate loyalties—drove them to search together. “Building something together, even if not owning 51%, felt like a luxury.”

Shared values of trust and respect are crucial. Enrico and Patricia added, “You must have professional commitment and trust in the other’s strengths. We believe we are each other’s best possible partner for this journey.”

Seller Perceptions: A Double-Edged Sword

Some sellers relate well to the couple dynamic—especially if they’ve worked with their own spouse. Linda and Mike Katz found that most owners were “intrigued” by the idea, though many said, “I could never do that myself!” Gender bias was rare even in the early 2000s. Their Woman Owned Business (WoB) status offered added legitimacy, particularly in procurement contexts.

The Butchers reported that presenting a “family succession” option inspired trust. Enrico and Patricia advise couples to disclose their relationship early to avoid surprises and allow stakeholders to evaluate them on merit.

Carolina Carrillo Alvarez of Lea Transmission in France took a more phased approach: she stayed behind the scenes during the search while pregnant, joining formally six months after the acquisition. Bruno Lea appreciated Carolina’s flexibility and willingness to relocate. “We were aligned in our goals. That was a huge relief.”

Fiona Yu and Caleb Williams of Savana Partners emphasized the importance of proactively countering seller bias, a topic explored in A.J. Wasserstein’s Yale case note, “On the Nature of What Business Sellers Are Looking for in a Buyer.”

What Makes It Work

The lines between work and family inevitably blur—often completely. As one couple put it, “You won’t achieve a perfect balance. You need to routinely check in with your partner and keep the shared sense of adventure alive.”

Patricia Barbosa and Lucas Correa of Horizonte Capital stressed pre-launch clarity: “We asked, ‘If this stops working, who steps away? What’s Plan B?’” These conversations uncovered—and corrected—assumptions before they became problems.

Avoiding emotional echo chambers is critical. One couple emphasized the need for support systems outside the business—family, friends, even therapists. When both partners hit a low at the same time, external perspective is invaluable.

Division of labor helps. The Collins split outreach and strategy. Another couple said, “One of us works on the business, while the other works in it.”

Shared rituals and boundary-setting also matter—whether it’s lunch together, morning coffee, or (as in our own case) a hot tub debrief every evening. Some use Sunday calendar planning or shared digital calendars to stay coordinated.

What Doesn’t Work

“Absolute equality is noble but not functional,” say Simone and Malcolm Collins. “Establish a hierarchy to avoid gridlock.” Linda Katz adds, “Stay out of each other’s sandbox. Be a sounding board, not a micromanager.”

Carolina Carrillo Alvarez observed that family topics often spill into work—and vice versa. Enrico and Patricia caution against contradicting each other in public; debate in private, align in public.

Mike and Linda Katz found home offices didn’t work for them. Renting a separate space helped draw boundaries. They also learned the hard way about work encroaching on family time. “It can become all-consuming. We had to learn to shut it off.”

The Butchers eventually enforced designated working hours. The Collins, on the other hand, embraced full integration. As with any relationship, alignment on lifestyle matters more than any single model.

Lucas and Patricia in Brazil recommend intentional downtime: “Add family time into your schedule. If a search discussion is necessary, ask first, ‘Is now a good time to talk about work?’”

In Summary

Searching as a couple isn’t for everyone—but for those it suits, it can be a rewarding, even transformative, experience. As Linda and Mike Katz reflected, “It’s been unpredictable, but we’ve shared every high and low. That’s been a joy.”

Patricia Riopel reminds us that this isn’t a family business in the traditional sense: “You still answer to investors, bankers, vendors, customers and employees. You must ensure they see the value each partner brings.”

Bruno Lea offers sage advice: “You need to know yourself. Be ready to fail. Be ready to suffer—just not more than necessary. It’s been beyond our dreams.”

Trish Higgins put it simply: “We always say, ‘family first’—and don’t do anything that would jeopardize that.”

For Debby and me, working together for 20 years was one of our best professional and personal decisions—despite early warnings from my advisory board that it would be my “first big mistake.” It worked for us, even if they couldn’t imagine it working for themselves.

As with any relationship, success takes effort—but the rewards can be immense. Spousal searchers aren’t pursuing “lifestyle businesses.” They’re pursuing a shared life, full of personal, professional, and family fulfillment.

Search on!!!

Published: 09/09/2023; Updated: 07/20/2025 with Support from ChatGPT 4o