Venturing into the world of business can be exciting and frightening in equal measure. Whether you are crafting your business idea in your college room or simply looking to take an existing business to another level, getting into a partnership with a like-minded party can be a viable option – at first.
Unfortunately, not all business partnerships are meant to last. In fact, it is not uncommon for a business partnership to become toxic over time. And when this happens, one of the most important (yet difficult) decisions you might have to make is to dissolve the business partnership. But how do you know it is time to end the partnership?
Here are three tell-tale signs that your business partnership could be headed in the wrong direction:
Respect and trust are gone
Respect and trust are the pillars of any healthy relationship, including business partnerships. If your partner’s actions or decisions are leading you to question their skills, abilities or motivations, or if you have learned that your partner is stealing from the business, it might be necessary to sever your business relationship.
Your goals and values are no longer matching up
Chances are you shared similar desires at the beginning of the partnership. But what happens when your partner begins to pursue conflicting goals? A rift between you and your partner regarding partnership goals can lead to a loss of focus and the eventual collapse of your business. To avoid this, you might want to go your separate ways before things worsen.
Communication is non-existent
When there is a communication breakdown between you and your partner, or when most of your communications lead to conflicts, this could be a sign that your business relationship has reached toxic levels.
Great business empires start off with partnerships. However, if things are no longer going the way they should, you need to re-evaluate your relationship with your business partner.