Business Partnership Advisor

Together, we can fix your business and partnership problems

Chris Reich, Business Luminary

6 Things to Do if You Have Problems with Your Business Partner

Do these 6 things if you have even a small problem with your business partner.

If You Have Problems with Your Business Partner, Don’t Stress

It’s normal to have some problems with your business partner. All partnerships experience periods of tension. So put down your worries and read about the 6 things to do that will help fix problems with your partner.

#1  Start Taking Notes

Get a simple notebook and start writing down things that worry or bug you. Record the dates and, if money is involved, write down amounts.

Keep your notes in one, safe place. Don’t use a notebook and leave it on your desk and don’t save a note file on the network.

Having notes will save you time and money later.

#2  Find and Review Your Partnership Agreement

You may have protection you aren’t even aware of. But don’t panic if there is no Partnership Agreement.

#3  If There Is No Partnership Agreement, Get One!

Very few partners who call me have a Partnership Agreement. You won’t get any negative judgment from me if you don’t have one but I highly recommend that you get one. I have a process for creating a Partnership Agreement and puts the protection in place and brings healing between partners as we work. Read more

The point is, if you haven’t got a Partnership Agreement, get one.

Problems with Your Business Partner

6 Things to Do if You Have a Problem With Your Business Partner.

Written by Chris Reich, TeachU

#4  Get Clear on Your Objectives

Think about the problems you have with your business partner and ask yourself if you prefer to have those problems worked out or if it’s time you got out.

It’s a waste of time to start working on resolutions when a partner says they want out.  If all parties agree that their preference is to make the partnership work, there has to be full commitment to working through the issues together. It may be an emotional process, but it will be worth it. My clients who have agreed to work on fixing their partnership come out with a stronger and happier relationship and a more successful business. And the excellent news is that my process costs far less than an attorney.

#5  Get An Outside Perspective

I provide a FREE initial consultation. There is no time limit and it’s not a sales pitch. I strongly encourage you to get an outside, neutral opinion of your situation. You are crazy not to accept Free advice if there is even a small tension with your partner.

#6  Do NOT Antagonize Your Business Partner

There is no benefit in saying nasty things to your business partner no matter how nasty she is to you. Hold your cards close! When business partners start exchanging barbs, it becomes nearly impossible to get civil negotiations on track.

You want to avoid a fight that you could lose. Win what you want though careful and fair negotiation.

Did You Like This Post? Would You Please Rate It?

Click on a star to rate it!

Average rating 4.9 / 5. Vote count: 25

No votes so far! Be the first to rate this post.

4.9
(25)

Infographic that explains my process is here.

Do you like FREE services? Contact me now for a 100% confidential and 100% FREE consultation.

Prefer a direct approach?

Email: [email protected]

Phone: (530) 467-5690

Take the proper steps to protect the money you invest to start your new business partnership.

Don’t Risk the Money You Put Into Your Partnership

Somebody puts up money with someone who agrees to contribute labor as their contribution to an equal Partnership. Once things are set up, and a lot of money is spent, the other Partner fails to perform, and the troubles begin. I get 2-3 calls like this every week.

Your partner may take money from the business whenever they wish to do so. A Partnership Agreement could protect you.

Your Business Partner Keeps Taking Money from the Bank Account

Partners take advantage of partners every day and they get away with it. It is the most painful call I get. It sounds like this, “I put all the money I had into starting our business. My partner had bad credit and no money, but he promised to do all the work to get the business going.

Partner Kills Partner in Family Pizza Business

Terrible Tension In Family Business Partnership

In family businesses, when things break down, they really break down. The stress level is much higher than when a typical partnership has issues.

There is a right way to get out of an LLC- or to remove a member

How to Get Out of a Partnership LLC

While it seems like it should be very easy to get out of an LLC, it can be complicated. Even if the business is very small, there are considerations beyond getting your money back. In this post, I’ll try to hit the important points of getting out of an LLC Partnership. These same items apply if you want to remove a member from your LLC too.

Summary
6 Things to Do if You Have Problems with Your Business Partner
Article Name
6 Things to Do if You Have Problems with Your Business Partner
Description
It’s normal to have some problems with your business partner. All partnerships experience periods of tension. So put down your worries and read about the 6 things to do that will help fix problems with your partner.
Author
Publisher
TeachU.com
https://teachu.com/wp/wp-content/uploads/TeachU-siteicon.jpg