If your business partnership is breaking down, you have a number of possible ways to get it cleared up. In this post, I will offer you an explanation of each. Keep in mind that these aren’t just different styles to reach the same end. That said, as Stephen Covey would say, “Start with the End in Mind.”
If you have fallen out of like with your business partner, you have a lot of very careful negotiating ahead of you.
Before you do anything about your soured partnership, review your organization documents. Take a look at the Operating and Partnership Agreements to see if you have provisions for a voluntary exit of a partner.
There are cases where one partner will not accept anything offered in order to make peace. That is irrational behavior.
The 2 big issues related to getting out of a business partnership are getting agreement on the price you desire and protecting you from liability. If there are no executed agreements in place, be very careful with how you proceed in your negotiations. It’s a good idea to get an adviser on board.
A family business partnership has unique issues that sometimes cannot be fixed. Even the most hostile business partners will listen to reason.