I often am called to work at companies teetering on the brink of failure. There are times when I tell the owners that they haven’t failed. They gave it a great go but they didn’t catch any breaks. An unforeseen market shift, a series of mechanical breakdowns or the financial collapse of a big customer can bring a fragile business down fast.
There are many things that can go wrong in a partnership. The consequences of a failed business partnership is often more severe than a divorce. Most states are now “no fault” divorce states. That means you don’t fight out anything in court.
If your business has been running a while, even a few years, should you bother to make a plan? You bet. I can guarantee you are wasting money and losing opportunities if you have no plan. But a plan for a business that is already running is different from a business plan at launch.