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Signs your business partnership is headed in the wrong direction
March 24, 2023
Picking a business partner is an important decision. You want a partner you can get along with. And with the right partner, you can look forward to a fruitful partnership.
Unfortunately, however, there are instances in life when things never quite work the way you hope they do. The same is true about business partnerships. Here are foursigns to look out for if you feel as though the business partnership isn’t working.
Issues with communication
Communication is the glue that keeps any relationship together. A breakdown in communication, therefore, can be a sign that all is not well. If your partner is making unilateral business decisions or is vague with answers, this could be a sign of a troubled partnership or one that is headed for difficult times. You want a transparent partner.
Issues with partnership mission, vision and goals
When you entered partnership, you probably had the same goal, mission and vision in mind. However, if your partner no longer ascribes to the original goals, then it is time to review the partnership.
Issues with roles and responsibilities
Everyone comes into a partnership with their strengths and weaknesses. However, if your partner doesn’t own up to their shortcomings, it’s likely you are headed for a rocky road. You want a partner who is accountable for their actions and is ready to commit to the success of the partnership.
Issues with honesty
This should be straightforward. You do not want a partner who is dishonest. If a partner is stealing from the business (cash, intellectual property or any other property), then you need to treat the matter with the seriousness it deserves. If the dishonesty persists, then you should think about severing ties.
Protecting your rights
No one likes the possibility of getting into a rocky business partnership. If you find yourself in one, however, it is important that you understand andexplore your legal options so you can effectively protect your rights and interests.