Many business partnerships start out in an exciting and mutually beneficial way for all parties involved. You all bring unique skills and ideas to the table, and together, you have more financial power than you would alone.
But what happens when you start picking up on potential red flags? How can you tell when your partnership has reached a point where you might benefit more from dissolving it than keeping it intact?
Differences in priorities
All Business discusses potential red flags that might indicate an unhealthy business relationship. First, note whether or not your business partner seems to take the venture as seriously as you. If your levels of dedication, energy and prioritization do not match, then there is a high chance you will not mesh when moving forward with the venture.
This may manifest in your partner either shirking duties or handing them off to a less qualified individual because they do not want to put time and effort into keeping the ship afloat. They might make reckless financial decisions due to simply not caring as much for the health and longevity of the company, too.
Not seeing eye-to-eye
If you and your partner diverge in opinion regarding what is best for the business and cannot seem to see eye to eye, this could serve as a warning sign, too. This is especially true if your partner develops a “my way or the highway” attitude in which they refuse to bend or compromise.
Finally, dishonesty is often a big red flag. Has your partner recently withheld information or lied to you? If you cannot trust your partner, then the partnership itself will end up being unsustainable.