Marijuana Business Magazine October 2018

F amily members can make the most trustworthy busi- ness partners in a marijuana business. Well-regarded family cannabis enterprises abound, including Etain Health, a family-run, women-owned medical marijuana business in New York; and Medicine Man, a Denver marijuana retailer founded by brothers Andy and Pete Williams in 2009. But working with family – siblings, parents or a spouse – ushers in its own set of challenges and baggage. Let’s face it: It’s awkward to complain to your spouse about your business part- ner when that partner is your husband or wife. Thankfully, there are ways to reduce the stress and conflict that can arise from working with family.The strategies run the gamut – from turn- ing off your phone at the dinner table and practicing yoga, to going for a walk or hiring a professional counselor to help work out conflicts. Below are tips from marijuana industry executives who operate family-run businesses. A Family Endeavor The marijuana industry, to be sure, is not isolated as far as family members working together. According to the latest U.S. Census Bureau data, about one in five firms are family-owned. And family-owned enterprises range in size from the corner mom-and-pop grocery to Walmart and Ford Motor Co. Small wonder that family businesses account for a notable chunk of the U.S. economy. For starters, working with family members in a field you love can be the best of all worlds. “It was a dream come true to be able to start a business with my father around a subject that we both shared equal passion around. It is equally rewarding to get to run a company with my wife, who I consider the smartest, most compassionate person I have ever been around,” said Eric Speegle, co-founder of Verdes Founda- tion, a medical marijuana business in Albuquerque, New Mexico. Speegle owns the company with his wife, Rachael, and his father, Doug. But it hasn’t always been smooth sailing since the Speegles launched Verdes in August 2014. Leave Work at the Office For the first couple of years, Verdes was all-consuming.The company dominated conversations at family gatherings, which annoyed other family members not involved in the business. Now, Rachael and Eric make a con- scious effort to leave work at the door when they get home, although Rachael admits they’re not always successful. By design, they commute to Verdes in separate cars to give each other space and time to decompress after work. On their way, the couple practice deep- breathing techniques to relieve anxiety. A professional counselor taught them the breathing exercise. And instead of rehashing what went on at work, Rachael and Eric try to focus on spending more quality time with each other and family members. But it doesn’t stop there.The couple realized they were unintentionally getting under each other’s skin at work. Often, it wasn’t so much what they said, but the way they said it. “A big part of it is really listening to the other person” and not talking over EXECUTIVE SUMMARY Family members can make the most trustworthy partners in a marijuana business. But working with family – siblings, parents or a spouse – ushers in its own set of challenges and baggage. Here are ways to reduce the stress and conflict that can arise from working with family: • Leave work at the office. Otherwise, the company can dominate conversations at family gatherings, which may annoy other relatives not involved in the business. • Commute to and from the office in separate vehicles to give family members space and time to decompress after the workday. • Hire a professional counselor to help work through marital conflicts or other family-related issues. • Practice deep breathing, yoga or other anxiety-reducing exercises. Alternatively, participate in a nonwork activity with family members to take your mind off the business. • Have fun at the office with other family members. One idea: Film a YouTube video of your work together; it may help head off opportunities for conflict. Eric and Rachael Speegle hired a counselor to work with them at Verdes Foundation, a medical marijuana dispensary in Albuquerque, New Mexico. Photo courtesy of the Verdes Foundation Doug Speegle is the father of Eric Speegle. The first time Eric ever talked about marijuana with his father was when he wanted to open a dispensary. Photo courtesy of the Verdes Foundation October 2018 • Marijuana Business Magazine • 49