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.
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.
There are many things to cover in a solid Partnership Agreement. In this video, I’ll explain the items that need to be covered. You may have other items to include as well. Keep in mind that there are many ways to address each clause. My job is to offer you options and to help partners agree on how they want to address every line item.
Your Partnership Agreement protects your interests. Ideally you would go to a qualified business attorney and have the proper legal document drafted. But if you are putting it off because of the expense, you can get the key items on paper to protect you and your business.
There are times when you legally can and should lock your partner out of the business. But, those are rare circumstances. Locking your partner out, even if your partner is showing bad behavior, open you to potential liability.
I pay close attention to what is expressed during my private interviews before we start a mediation process. There are 3 signs a partnership will fail.