We often form partnerships because of the way the relationship works. One person wants to be in charge and the other is fine with that. Then something comes up and the expectations cause tension. We have to deal with the partner we have, not the one we wish we had.
Here are more things you need to know if you are opening buyout talks with your business partner.
Buyouts between partners are usually mired in things that people think are legal entitlements. Let’s look at the most common misconceptions around buyouts.
If your business partner ever is violent, call 911 immediately. Yes, even if he missed. You want to document threats of or actual violence.
Don’t be surprised if parties act in their own best interest during negotiations. That is normal. I would be surprised if they didn’t!
Game Theory is a very useful tool in business negotiations. In this post, I’ll give a broad overview on how Game Theory can help you negotiate your best deal with your business partner.