There comes a time in every relationship when you have to make the decision to try and work issues out or break things off with your partner. If the spark has fizzled, every conversation turns into a fight and spending time with them isn’t fun anymore, it may be time to reconsider your relationship. The same goes for your relationship with your business partner.
When you first started out, you may have spent endless hours bouncing ideas off each other, but now it’s hard to spend even two seconds in the same room with them. The relationship may have reached a point of no return and you want to quit because you and your partner are no longer on the same page.
Here are some common reasons people break up with their business partners.
Two people cannot work together unless they agree on a vision. You and your partner should want to head in the same direction. In the beginning, both of you may have had the same goals on where to take the business, but people change over the course of time. And your partner may want to take another route in terms of the business. If you and your partner have different views on how to run the business and the strategic direction of the company, it may be time to call it quits.
If discussions with your partner end up in screaming matches more often than not, it might be time to evaluate your partnership.
When you’re in disagreement with your partner, you shouldn’t raise your voice. Even though you and your partner may not see eye to eye on certain issues, there should always be a level of mutual respect.
Judge, jury and executioner
Sometimes things can get out of hand to the point where you and your business partner end up taking each other to court. It’s better to try to settle outside of court, than spend large sums of money on lawyer fees. Going to court will be time consuming, financially draining and stressful.
They say two is always better than one because they can share in the failures and challenges of the business and come up with solutions together. If one falls down, the other can pick the other one up. But sometimes this isn’t the case. In some partnerships, you only get one partner doing all the work.
If you wear multiple hats in your business, while your partner wears none, it could create friction. In order to have a successful relationship, each person has to contribute. If you’re the only one working and you put in more effort than your partner or you contribute more skills, it may lead to conflict and you may feel taken advantage of. For example, if you put in 65 hours a week while your partner only puts in 30 hours, it could breed resentment.
You could have a talk with your partner to explain how their lack of work ethic is affecting the partnership and tell them that if they don’t pull up their socks, you may quit. Because the whole point of a partnership is to help each other carry the load and make things easier for the both of you.
Just like in any other relationship, trust is important. If you no longer trust your business partner, it may cause friction. For example, the trust could have been broken because they promised they’d do something but always came up with excuses about why they couldn’t. Your word is your bond and If you can’t depend on your business partner, it could lead to frustration.
People deal with stress differently. Some people use stress to motivate them to work harder and others crack under pressure. Starting a business can be stressful because there are many ups and downs, and you may feel like you’re on a roller-coaster. If your partner becomes negative and despondent about the business, it may be time to reevaluate your relationship. Attitudes are contagious and if your partner is always stressed out, it may affect your spirit and end up weighing the business down.
If your partner thinks they’re all that and a bag of chips, you could have a hard time building a long-lasting relationship. There’s a fine line between confidence and arrogance. And if they always have to get their way and can’t compromise, your relationship could be headed for trouble.
If your partner is irresponsible, this could be detrimental to the business. For example, if they use the company’s money for personal use, you may end up in debt. You could end up seeking means to get corporate finance to fund your business and pay off business debts to keep your company afloat.
It’s normal to have differences of opinion with your partner and to view the world differently. In fact, your strengths can help cancel out your partner’s weaknesses. But if your partnership is a constant battle, it may be time to throw in the towel.