MHP Brokers Tips and Tricks Podcast, Running a Business (and Life) as Husband and Wife

The Mobile Home Park Broker's Tips & Tricks To Investing

In this episode of The MHP Broker’s Tips and Tricks podcast, the husband and wife team of Max and Kathryn Baker explain how they make the most of running a business while not neglecting to nurture a relationship.

Max and Kathryn are the married co-owners of The MHP Broker. This and all of the Tips and Tricks podcast episodes are brought to you by their proprietary Community Price Maximizer. Use this four-step system to get the highest price possible for your mobile home park or RV community when you sell it through MHP Broker. Guaranteed. Ask Max for details.

Here Are Show Highlights:

• Both read The Daily Stoic: 366 Meditations on Wisdom, Perseverance, and the Art of Living, a daily devotional book of stoic philosophy by Ryan Holiday and Stephen Hanselman. Words to live by in the Baker household and business offices. (Kathryn, 0:36)
• The philosophical and inspirational book has taught Max how to be more grounded and to be a better leader, and both have learned to be more grateful for their accomplishments. (Max, 2:06)
• They’ve also learned how to stay in touch with what’s going on in the lives of their team members through The Daily Stoic. This is a skill that’s imperative especially to a virtual company such as theirs, with everyone working remotely. So they’re not often face to face. (Kathryn, 3:10)
• The Bakers operated their company virtually even before the pandemic. It wasn’t always easy. The second thing they learned, how to let each other create their own lanes, let them work as a duo, neither reporting to the other but maintaining their own sets of responsibilities. (Max, 3:41)
• Kathryn felt that their first year together in business was the worst. Max was already involved with his company, and Kathryn felt he had a tendency to give orders to her just like he did to everyone else. Once they learned the magic of staying in their own lanes, they could coexist as equals. (Kathryn, 4:52)
• Max had to learn to be a better communicator. Once he’d mastered that, it made their work life and personal lives both work better. (Max, 6:02)
• Max credits a client friend and his wife, successful California business owners, for teaching them the importance of staying in their own lanes and not constantly looking over each other’s shoulder. (Max, 6:58)
• The third tip is to have a weekly high-level breakfast or lunch meeting. The Bakers both look forward to this combination of social, business and relationship catch-up. They start giving agenda topics to their assistant all week long, so they have specific high-level topics to discuss at their meetings. (Max, 7:33)
• Before adopting the weekly meeting strategy, business discussions might intrude on their most personal moments. Since their meetings, there’s much less work time breaking into personal time. (Kathryn, 8:41)
• Tip number four is to have date nights. It’s something they carefully plan now. (Max, 10:44)
• “Daydreaming” is an allowable form of after hours work talk. That’s a matter of looking at the big picture elements of work, their future goals and dreams, a conversation topic that’s pleasurable for both of them. (Kathryn, 11:59)
• Advice that works for Max (but not Kathryn) is to read The Superior Man for guidance on how to become a better man and better in a relationship. (Max, 12:33)
• The Bakers use quarterly and annual meetings of just the two of them to set long-range and big picture planning, and to review the outcome of big picture plans they made earlier. (Max, 13:40)
• As a component of this, they have a meeting early each year to plan out that whole year and put it all on a calendar. (Kathryn, 15:25)
• Useful tip number seven for running a successful couples business is to “listen, don’t talk.” Max learned the importance of this skill as a sales guy, interacting with clients. (Max, 17:47)
• The last piece of advice for couples running a business is to take long walks together and use the time to communicate. It’s also great exercise and stress relief! (Max, 18:16)
• Working with your spouse isn’t for everyone, but it works for the Bakers--once they took that challenging first year to figure out how to do it right. (Kathryn, 20:47)

Reach out to Max and Kathryn if you’re trying to run a business with a spouse or loved one. Both Bakers have been there, and have advice to offer. Just drop the a line at [e-mail] or give them a call at 678-932-0200.

Power Quotes on This Episode:

“(The Daily Stoic) lets you stay grounded and less ego-centered, less emotional…” (Max, 2:06)

“...as a company that's virtual and has been virtual, even before the pandemic, we have really excelled in our culture here at the firm and do pretty well with it.” (Max, 3:41)

“The first year that we worked together was the hardest because that was where we really learned that we had to create our own lanes.”(Kathryn, 4:52)

“...in the beginning, you're just going to be emotional and upset with one another Frustrated. We went through all of that.” (Max, 6:02)

“...who can be upset when they're having a meal? And so we found a good breakfast spot to go to and it just started clicking.” (Kathryn, 8:51)

“The wins are what keep you going.” (Max, 14:34)

“Listen more than talk.” (Max, 16:08)

“I love a good walk and talk. When we're trying to brainstorm things and we’re a little stuck on an idea, we'll just go for a walk.” (Kathryn, 19:04)

“I'll just say working with your spouse is not for everyone. But if you are considering doing it and you happen to be listening to this, I will say it is worth the first year struggle.” (Kathryn, 20:47)