A business partnership can be a truly wonderful experience that’s both rewarding and beneficial. You can lose a hefty weight off your shoulders when expenses, labor and networking are shared. It may even seem advantageous to take on multiple partnerships so that you can bridge knowledge gaps and add diverse talent to your organization.
After a time, however, you may find that one of your partners is dragging the business down. They may be causing the business harm if, for example, they failed to separate their home life and work life or if they’ve taken on unnecessary expenses.
First, it’s best to talk to your business partner about the harm that’s coming to the business and try to work things out. Your business partner may not realize the extremity of the situation. If talks fail, however, you might need to consider ending the business partnership entirely.
Signs of a poor business partnership
Making a successful business means knowing who you can trust to do the job. Here are some red flags to watch for to stop your business from failing:
- You and your partner don’t communicate. Your partner may be sending mixed signals on how the business should run and diverting the intent of the business.
- You and your partner’s vision don’t match. You need to know what you intend to do with your business. If you and your partner have conflicting ideas, that’s not going to work well.
- You find your partner exploiting the company. You may find your partner is stealing or lying to you for their own personal gain.
Taking the time to consider if these apply with your business partner could mean saving your business.
Typically there is a partnership agreement that details the terms and conditions of the partnership before starting a business. If you feel it’s time to cut ties with your partner then you may need an experienced legal eye to look at your partnership agreement and explain your options.