You run a successful company with the help of your staff and business partner. This formula has served you well over the years, but it seems like the professional relationship with your business partner has run its course.
You know it’s time for them to move on, but you’re not sure how to approach this situation and find a suitable remedy. Outlined below are a few tips that could help you through this process.
Don’t sit on the issues for too long
Many business owners make the mistake of not acting quickly when professional relationships break down. This won’t do you, your staff or your company any good. In reality, it’s also probably not in your business partner’s best interests to stay around either. Acknowledging the problem is the first step toward finding a solution.
Be honest and professional
You personally like your business partner and there is no reason why this cannot continue to be the case. Nonetheless, your professional relationship is completely separate from any personal sentiment you may have. Separate the personal from the professional and tactfully explain to your business partner why you think it’s best to dissolve the relationship. Hopefully, they are on the same page and you can get the ball rolling
Review your partnership agreement
You can make life much easier by including terms on buyouts and dissolving the partnership in your initial contract. This way, everyone knows where they stand and what options are available going forward. If you’ve reached an impasse with your partner, now is the time to review that old agreement to see what’s there.
When drafting a partnership agreement or seeking ways to dissolve a business relationship, it will serve you well to have experienced legal guidance on your side.