All business partnerships are at risk for difficulties, but with a little preparation and hard work you can protect yours from falling apart.
Here are 7 key signs that can indicate misalignment or trouble in a business partnership.
- Rapid Growth or Failure – If a business is growing very fast, or just the opposite, the partnership could be at risk. And though it’s a bit of a surprise, rapid growth is actually a bigger culprit for ruining business partnerships than rapid failure is. So if you are watching your business grow or fail very quickly, pay close attention to your partnerships and take steps to ensure that those don’t suffer.
- Divorce – When someone goes through a divorce, the ripple effects reach quite far. And if one of the partners in a business goes through divorce, it will most certainly make its way to the office.
- A partner brings a spouse or relative into the business – If anything can create massive change in the workplace, it’s involving family. Working with family can be a wonderful thing, but the dynamics are so different from a workplace that doesn’t include family. Change like that is difficult, and it can cause partners to be at odds.
- One partner wants to take more money out of the business – Money can so easily come between people! Partnerships are meant to be equal, so when one wants to take more money out of the business, suddenly it’s not an equal partnership any longer.
- Medical issues – A partner (or partner’s loved one) suffering from a major medical issue can cause lack of sleep, additional stress, required time off, and other strains. And, naturally, it does make sense to allow for additional time off or additional support during a time like this. But it doesn’t change the fact that this can cause massive gaps in business operations – and in the partnership.
- “Good old malfeasance” – Unfortunately, once in a while a business partner simply goes behind the back of the other partner(s), and does something like taking on clients separately from the rest of the business. When partners are going different directions, or effectively cheating one another out of business, it’s almost obvious that the partnership is unlikely to survive.
- Personal relationship issues – A partnership may escape all the other pitfalls, but be subject to relationship issues between partners. If individuals don’t deal with conflict appropriately, problems will fester and explode, causing relationships to fall apart.
If any of these sound familiar, it is imperative that you deal with them right away. If you catch them right away, you may be able to deal with them amongst yourselves. But if you suspect deeper issues, or multiple issues, we recommend having someone objective help you with your discussions and negotiations. Contact us if we can help in any way. And click below to watch the free training session!