Terminating the relationship with your business partner
May 10, 2023
If your business partner has begun to seem like more of a detriment than a help, then possibly it’s time to rethink or even cease the arrangement. Concluding a business partnership because it’s turned into a bad situation that can’t be rectified can be a decision complicated by anger, regret or disappointment. There can be many reasons why your business partnership is fraying. Maybe the two of you don’t see eye-to-eye on important everyday matters like sales strategies, customer preferences or hiring practices. Having strongly divergent long-term goals for your enterprise can also be a real sticking point.
Indications that your partner is dragging you and the business down
No one ever wants to believe that their business associate has evolved into a liability. However, you need to protect yourself and the company, so be vigilant if these problems crop up:
The two of you no longer communicate well. Your uneasiness has been continuing to escalate and nothing gets resolved.
You each have professional philosophies and management approaches that just don’t mesh smoothly anymore.
You stopped trusting your partner.
You grudgingly feel as if you are doing all the hard work and your partner isn’t chipping in the way they ought to.
What is the best way to cut off the relationship with your business partner?
Even if you are fuming inside, you’ll want to behave in a manner that preserves your dignity and integrity and that of the company when you inform your partner that their role is about to end. Have the discussion when you can be logical and composed rather than overly emotional. Hopefully, you created a strategy when the partnership was launched in case this problem ever arose. If not, then before sitting down with your partner, consider all the ramifications of this person’s looming departure. That includes the financial outlook of the company as well as your own stake in it.
Weathering this situation
This upheaval will affect many basic aspects of your business. You may choose to seek advice if you are uncertain about taking this major step or what the consequences could be if you do.