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  4.  » Rekindling the spark in your business partnership

Rekindling the spark in your business partnership

On Behalf of | May 9, 2022 | Business & Commercial Law |

When you and your partner started working together, there was a sense of novelty to the business and your relationship that helped you through some of the challenging times. As the company began to build momentum, you and your partner started to get into a steady working rhythm.

After years of working together, the adrenaline fades, and you may start to disagree about how to support your business. As you start looking for the disconnect, you may need to consider whether you and your partner have lost your common ground and how to get it back.

Here are a few ways to reconnect with your business partner so you can continue to build your business.

Under and overutilization

A business partnership can have some of the best and worst similarities to an ordinary job. While excitement and prestige come with being at the top of the company’s hierarchy, if your partner feels like they are overworked or underutilized, it can lead to burnout.

One of your first steps to rebuilding your partnership should be to check in about how your partner feels about their current role and what changes would benefit them. Depending on the issues, you may need to consider adding more support personnel so that your partner can shine at the tasks they do best.

Financial challenges and other stressors

Similar to a marriage, financial challenges can wreak havoc on your partnership. Whether the challenges are personal or tied to the business, these issues can create stress and tension that can impact your ability to work together.

To rebuild your partnership, you will both need to have some transparency regarding the stressors in your life. When you and your partner can be honest about your difficulties, you can approach each other with empathy and understanding.

It may be time for an end

In some cases, you may realize the season for your partnership may be over. You and your partner were able to support each other and the business for a while, but now it might be time for one of you to move on to the next chapter.

Whether you and your business partner can rekindle your relationship, it is essential to have these conversations where you can be honest about your goals and intentions. You should also have a partnership agreement to help you navigate disputes and guide you if you decide to dissolve your partnership.

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