I'm going to disagree here with what everyone else is saying.

I don't think he's doing anything wrong as long as it all balances out. If hiring others to do the work will cost the company less (take into account cost of time). In other words, if they can churn out enough production to cover their own costs, then it doesn't matter if he's taking vacations or not.

However, it also sounds to me like you two need to sit down and go over a list of responsibilities, and start measuring whether or not the employees are helping the company or just creating a financial burden.

I would also suggest finding someone that you can hire to do the "creative" side of things like your partner has for the "business" side.