In his 1957 hit, “ I Walk the Line”, the late Johnny Cash sung of his love for his first wife, whom he feared he might (and eventually did) lose owing to his drug and alcohol addictions.

The quality of our relationships with others ultimately determine our happiness, and it’s no different with a business partnership.

Can you run a successful business with a life partner (or close friend) as your business partner?

In either case, you walk the line in protecting your personal relationships while working in the best interests of the business. How one walks this line depends on the depth of the relationship, but there are a few points worth considering.

It is critical that respect is always shown to everyone involved in the business partner/friend relationship. It is much easier to guide a situation with ease when both parties hold mutual admiration and respect for the other. You won’t always be able to give your home life and business life equal attention, but constant respect shown by partners for one another will ensure a relationship will survive – and thrive.

At the very beginning of the business partnership, be sure each party is walking into the room knowing that business is business. There may be disagreements along the way, involving, for example, decisions made by one partner that don’t favour the other. This is why it is crucial that everyone involved knows that hard business decisions aren’t meant to influence any personal relationships.

Another important thing to remember is to care for your relationships, whether they involve a life partner, or friend. Care for the people in them and for what they bring to your life. Care for your business relationships, for what you can do together and how you can help each other grow. Work to maintain your personal relationships and remember why you created them. Remember to show that care with small gestures, such as buying them coffee or writing them a handwritten note of thanks for something they’ve done to move the business forward. People will know that the business you do with them is in good hands. Mixing the business with the personal does not need to be complicated, just handled with care.