Some business partnerships endure the test of time, lasting indefinitely or until the parties retire. Other times, things start well, but problems or disputes arise later and begin impacting an otherwise successful association.
You may wonder when it is time to let go after struggling to salvage a broken partnership and getting nowhere. For many who have been in similar shoes, the factors below contributed to their decision to end the relationship, otherwise known as getting a business divorce.
Your partner won’t communicate
So long as you and your business partner can still communicate, there remains a hope of saving the relationship. However, prolonging the association may harm your operations when you cannot discuss your issues or your partner refuses to participate.
Your partner gives up
When all business partners care about the company and its success, partnerships often flourish along with the business. Unfortunately, when one party gives up and stops caring about the company, it may do more harm than good to remain partners.
Your partner turns hostile
Aggression is a risk in any conflict, perhaps more so between those burdened with the responsibility of operating a company. When your efforts to repair the partnership cause you to fear for your safety, carefully weigh the possible risks of continuing your association.
Take a business divorce seriously
If you decide that terminating the partnership serves your business’s best interests, you may face a complex legal process. A small misstep could expose you to many risks, including legal disputes and financial losses.
Consider learning more about ending a business partnership legally under New Jersey law for extra protection against risk.