7 Ways Spouses Can Uncover Business Opportunities

Related: 10 Reasons Your Family Members Want You as Their Advisor

Does your business have a silent partner? It could. They don’t need to be so silent. Many advisors have a spouse or a romantic partner. They can provide incredible business advantages. The major skill they need is knowing how to spot an opportunity.

This point was driven home to me by a woman who had been married to a senior executive. She explained there were many situations where the spouses found themselves in each other’s company.

This might be at dinner parties, conferences and general socializing. Because their paths often crossed, they developed friendships. An important point to note is these relationships developed while their high-powered spouses were elsewhere.

These people would get together for lunch. The usual questions like “Where do you live?” and “What do you do?” were explored in detail.

Once the spouses reached a high level of comfort and camaraderie, someone would suggest a larger party or dinner when the high powered spouses would also be included. The bottom line is that the person often overlooked in a power couple can be the key to connecting with the complete couple.

Your spouse sees a wide range of people beyond those you know together. They can be a great asset to your business.

You might say: “I’m not sure this would work for me. Neither of us are one half of a power couple.” Give yourself more credit. There’s plenty of opportunity out there.

1. Your spouse as your PR agent.

Your spouse can say things about you, words you would be too embarrassed to utter about yourself. When I was in production, we belonged to a private club. We were scheduled for dinner with other club members. The appointed time came and went. Everyone was standing in the bar but me. People said: “Where is Bryce? He’s late!” My wife said: “I can see it now. He was leaving the office. His phone rang. He can never ignore a ringing phone. It was a client. They had a problem. He sat back down to help that client.” She then wrapped up: “Who knows when he will be done? Let’s go up to the dining room now. He will join us when he gets here.”

Message: Who doesn’t want an advisor who puts his client’s needs above his personal life?” Now everyone knew I put my clients first.

(Image: Adobe Stock)

2. Spouses as listeners.

I met an advisor in Northern California. He and his wife would attend community events. She would talk to lots of people. When you meet someone, the first question is often “What do you do?” She would explain she runs the household and her husband is a financial advisor at (firm). Something curious happens. The other person realizes they can talk about investing because here’s a person who understands the terminology, yet isn’t an advisor so they won’t be trying to sell them something! She is brilliant! She listens until they get to the point about something going seriously wrong. She then says “You should talk with my husband. He’s helped other people with that problem…Not content to leave it there, she redirects her advisor husband to sit at that person’s table. When everyone introduces themselves, he is greeted with “You’re the advisor. Your wife said you might be able to help me…”

Message: Your spouse can position you as a helper, a problem solver.

(Image: Shutterstock)

3. Spouses as spotters.

Can your spouse spot a business opportunity? They need to know how you help people. This requires some training as preparation beforehand. They need to understand your (and the firm’s) capabilities. Next, they need to know what problems align with these capabilities. Creating an income for a surviving spouse or helping set up a special needs trust for a disabled child are examples. They keep their ears open, then fill you in afterward.

Message: Your spouse isn’t sending one. They are listening and reporting back. It’s like a stakeout. They are observing, not engaging.

(Image: Adobe Stock)

4. The discontent magnet.

Your spouse has their round of leisure activities. They might serve on the board of a community organization, play golf with friends or work out at the gym. They are looking for complainers. They hear about a tax problem someone has because of excessive short-term capital gains. They hear someone’s advisor just retired and they don’t like the replacement at all. This gets stored away.

Message: Again, your spouse isn’t engaging. Instead of opportunities, which often involve fresh money, now they are looking for someone with a problem. It’s often connected to inattention, bad service or the other person not knowing what they are doing. The advisor figures out a way to engage them.

(Image: Shutterstock)

5. The new neighbor.

They turn up all the time. It might be next-door or on the other side of the development. There are numerous ways to encounter them. As a next door neighbor, you might walk over and welcome them to the block. You might attend community association meetings. You aren’t giving them the hard sell. You are simply introducing yourself, learning and sharing basic background details. It’s natural. If they are wine fans, would you tell them about your favorite store? The cheapest place to buy gas?

Message: Either or both spouses can do it. You are raising your visibility in a friendly, welcoming way. They will ask: “What do you do?”

(Image: Adobe Stock)

6. The school activities parent.

Many children are considered equal to other children by their parents. Your child attends an exclusive private school. So do some children of celebrities. The celebs want their children to make friends and fit in. Playdates and birthday parties follow. The parent who takes the lead interacting with the school should have the opportunity to include you at the right event at the right time. Bring your party hat.

Message: Children come first where parents are concerned. This should transcend wealth boundaries. If the kids are equal, the parents are peers.

(Image: Shutterstock)

7. Articulating your value.

Your spouse needs to know how to tactfully bring up your name and role when they spot an opportunity. I was watching an episode of The Blacklist when a minor character mentioned she was moving out of town. Elizabeth Keene, a lead character, said something like: “If you are selling your house and need a realtor, I know a great one.” The spouse in point #2 mentioned “He helped other people with that problem.”

Message: Your spouse needs a comfortable “script” that brings up your name as a subject matter expert or problem solver. Leave the next step to the other person, so your spouse doesn’t come across as salesy.

(Image: Shutterstock)

7 Ways Spouses Can Uncover Business Opportunities

Related: 10 Reasons Your Family Members Want You as Their Advisor

Bryce Sanders

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1. Your spouse as your PR agent.

2. Spouses as listeners.

3. Spouses as spotters.

4. The discontent magnet.

5. The new neighbor.

6. The school activities parent.

7. Articulating your value.

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7 Ways Spouses Can Uncover Business Opportunities

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Related: 10 Reasons Your Family Members Want You as Their Advisor

More on this topic

1. Your spouse as your PR agent.

2. Spouses as listeners.

3. Spouses as spotters.

4. The discontent magnet.

5. The new neighbor.

6. The school activities parent.

7. Articulating your value.

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