Business partnerships do not always go to plan. Issues can occur that strain the partnership and leave you wondering if you wish to continue. Reflecting on a few basic questions can help you decide your next move.
Here are three:
Is it a difference of opinions or a matter of trust?
You need to be clear on what the dispute is about. Is it a difference of opinions over how to handle a particular matter? Or do you feel your partner has committed a grave violation that leaves you questioning whether you can ever trust them again? Understanding the heart of the issue can help you determine whether to try and find a resolution or whether it is time to end the partnership.
Have you covered this situation in the partnership contract?
If you were forward-thinking enough when you drew up your partnership agreement you should have made provisions for things not working out. While it is impossible to cover every situation, there may be guidance to determine how to handle your current dispute. Reviewing the agreement can also remind you when of any consequences that might apply if you refuse to compromise.
Is this person more important as a friend or a business partner?
Would you be prepared to lose your best friend or family member over a business disagreement? Even if you have no personal relationship with your business partner you could risk the contacts you have made through them if you were to end things on a bad note. In all cases, it pays to seek legal guidance to explore your options.
