Challenges are inherent in owning and effectively operating a business. In addition to navigating the day-to-day tasks of the business, unforeseen roadblocks can leave business owners feeling worse for wear. Sometimes owning a business can feel like a lonely road, which is why forming business partnerships is so appealing. Access to greater resources, complementary strategies, financial leverage, increased creativity and collaboration are some of the top reasons people choose business partnerships.
Unfortunately, the decision must sometimes be made to end business partnerships. Although this is a difficult decision, Dunn Lambert LLC, attorneys at law, have years of experience traversing the sometimes rough landscape of corporate divorce and can become an essential resource throughout the separation.
The following five signs could indicate it is time to rethink your partnership:
1. Breakdown in communication
Essential to any partnership is the ability to communicate feelings, beliefs, desires and strategy in a clear and relatable manner. Changes in a partner's goals, ideologies and strategies that aren't clearly communicated may become huge stumbling blocks down the road.
2. Change in common goals
Every relationship should be mutually beneficial. No matter what the goal, partnerships are a springboard of support, propelling organizations toward the goals the partners set by mutual agreement. Things do change, however, and so do people. No longer having the same goals as a partner can mean that you become conflicting as opposed to complementary forces.
3. Lack of respect
As a relationship begins to erode, so too does the respect each partner has for one another. Lack of respect is yet another barrier to clear communication, goal setting, strategy and success.
4. Misaligned work ethic
Simply put, if you are spending too much time on the business, while your partner does not pull his or her own weight, you need to speak with your partner about the problem. If, after speaking with your partner, these problems are not effectively addressed (or are ignored altogether), it may be time to move on.
If these signs are present in your current partnership, it may be time to seek assistance. Dunn Lambert LLC has over a decade of experience working with business partners who no longer see eye-to-eye. Our firm understands that communication is key to a successful separation, but that it can be challenging to find the right words to say. We can guide you through the corporate divorce process while protecting your assets and best interests.