Let’s be honest: You’re wondering if your business would be better off if you were running it on your own. You think that maybe it’s time to cut ties with your business partner.
It hasn’t always been this way. When you started the company, the two of you worked well together and you were excited about what the future held. You thought that it was very bright and you were excited to be partners moving forward.
Unfortunately, things have changed. You feel bad about telling someone their role has come to an end, but you have to think about yourself, your future and what is really best for the company.
Some red flags to watch for in your business partnership
Every little conflict isn’t a reason to end the partnership, but there are some clear red flags you need to watch for. When you see them, it may be time to move forward with your plans to either leave the company or ask them to do so. Some of these red flags include:
- They’re not very good at communication, which leads to confusion and mistakes. Even when things work out in the end, there is just a lot of unneeded stress and the business isn’t running optimally.
- They do not have skills that work with yours, but share many of the same skills. This leads to conflicts about who should do which tasks, and it means the business still lacks a person with the opposite set of skills.
- You put in far more work than they do. No matter what you say, you just cannot get them to do their fair share — but they are more than happen to take 50% of the profits.
- They have a different vision for the company and they have different goals than you do. These could be fundamental issues where you just can’t compromise because it’s so important to you.
- They’re not committed. They always seem like they’re thinking about other options, assuming the business won’t work or looking for other jobs. They do not want this as much as you do.
No matter why you want to end the partnership, the process can be complicated and emotional, so be sure you know your legal options.