If you and your business partner have a partnership agreement in place, it may take legal action to end that official relationship. Ideally, the partnership agreement lays out some of the steps to take and the rights you both have, but it’s not always that simple.
That does not mean you should stay in a business partnership that is bad for you or bad for the company. Make sure you know what options you have. If you see these signs in your business partner, it may be time to end things and move on alone:
- Your vision for the company does not align with theirs. You both see the mission and the goals differently, so you’re always working against each other.
- They have poor communication skills. It’s frustrating, it holds you back and miscommunications harm the company.
- They’re inconsistent. Maybe they don’t always show up on time. Maybe you can’t trust the type of effort you get out of them. At their best, they’re a great partner, but they’re frequently not at their best.
- They refuse to take responsibility. Whenever something goes wrong, they always say it was someone else’s fault.
- They waste your time and do not respect you. Maybe they show up late for meetings, for instance, despite having plenty of advance notice.
- They try to rush things. They don’t focus on quality. You worry that they’re hurting the company’s image.
These are just a few reasons out of many why you may want to end your business partnership. If you do, you need to know exactly what steps to take.