Is It Time To Break Up With Your Business Partner?

Are you wondering if your business would be better positioned for growth if you were running it on your own? Do you and your partner disagree on the direction of your business?

When you formed your partnership, you were excited to work together and shared a vision of where you wanted to take your business. Over time people’s vision for their business and how to run it can change.

How to know when it is time to end a partnership

If you are experiencing any of the concerns listed below, it may be time to consider either leaving the company or asking your partner to do so. Five indicators to watch for include:

• Your partner’s business style does not mesh well with yours. They may have a lesser sense of urgency or differing priorities.
• They lack communication skills, leading to confusion, duplication of efforts, mistakes, and missed opportunities. The stress brought on by ongoing miscommunication is affecting your work relationship and business profitability.
• Your partner possesses skills that overlap rather than compliment yours. This can lead to confusion and conflict over who manages which tasks, potentially leaving a gap in required skills that neither of you possess.
• You put in far more work than they do. They simply do not to do their fair share — but they are more than happy to take 50% of the profits.
• They have a different vision for the company, and they have different goals than you do. These could be fundamental issues where you just cannot compromise because it’s so important to you.
• They do not want this as much as you do. They are not fully committed to the business. They may seem to be thinking about other job options or investment opportunities, assuming the business will not work.

No matter why you may want to end the partnership, the process can be complicated and emotional, so be sure you know your legal options.

Call (832) 390-6244 today to speak with an experienced business attorney at Gregor Wynne Arney, discuss your legal options, and protect your financial investment.