Partnerships in business can be hugely beneficial. However, the human element means that sometimes, they sour. Whether your partnership is unraveling due to personal or business issues, you have to decide how to handle it.
Salvaging the partnership
If you’re having problems with your business partner, but still want to try and make it work, you need to start making changes now. Don’t let disagreements or issues sit because they could end up affecting your business. Like any relationship, business partnerships thrive on strong communication. Assess how you and your partner talk with one another. Are you clear with expectations? Do you consider one another position in a disagreement? Do you respect one another’s opinions and boundaries?
Remember why you went into business with them in the first place. Certainly, your partner brings positive aspects to your business. Try to focus on those while calmly and clearly discussing changes you need to make to better the business. If you have a partnership agreement written out, revisit it and use its guidelines to help in reevaluating your business.
Knowing when it’s time to move on
Sometimes, a partnership simply isn’t working anymore. Here are some signs that it may be time to move on:
- Insufficient communication
- Lack of collaboration or willingness to put in work
- Ignoring the opinions of others
- Disagreements on fundamental decisions and different priorities
- Consistent and clashing approaches to work
If you decide it’s time to end your partnership, it’s time to consider your options:
- Buy your partner out
- Dissolve the business
- Sell the partnership
The most important step to resolving your business issues is communicating with your partner and working together to decide what will be best for the future of your business.