Going into business can be an exciting time for you and your partner. Whether your partner has been with you from the beginning, or they joined you when you were already on your way, your business partner has a critical role in your business.
When your business partner no longer has the same motivation or goals, it can be challenging to drive your company forward. However, it can be difficult to determine what is a rough patch and when it is time to go your separate ways after all of your time together.
These are some signs that your business partner may not be a good fit.
Symptoms of a troubled partnership
Not all partnership problems are obvious, and even when they are, the issues often start small. It is essential to pay attention to the health of your partnership so you can either fix problems when they are small or part ways before there is damage to the business. You should watch for signs of distress, such as:
- Disproportional commitment to the company
- Lack of balance in workload
- Poor communication
- Dishonesty
- Inconsistency
Everyone changes paths during their career. However, some people have a hard time recognizing when to change paths. If you notice symptoms like these in your partner, it might be time for them to take a different direction.
Time to part ways
Ideally, you and your business partner can work out the challenges in your relationship, so you can continue working together. In some cases, you may need to cut ties with a partner who no longer shares your vision.
You will need to look at your partnership agreement to determine your options for removing your partner. If you do not have a contract in place, you should talk to an experienced professional to support you through the transition.
