3 Signs It Might Be Time To End Your Business Partnership

Are you involved in a business partnership that isn’t exactly going the way you planned? There’s no question that you’re in a tough bind. You clearly set up an enterprise with someone you trusted. Now that things aren’t working out, it may be time to take your business in a new direction. Could that direction be to go solo? How do you know it’s the right move to make?

Here are three signs it might be time to end your business partnership:

1. You have different visions of the company’s future.

You want to go one way and your partner wants to go the other. It’s a pretty clear indication that a split is imminent, isn’t it? When you have conflicting goals, it can lead to a disruption in operations. Perhaps your employees are starting to get frustrated by the mixed messages. If you’re always butting heads about the future of your brand, it makes sense to part ways. Pursuing a different path will allow you to focus on your individual goals and aspirations.

According to Winnipeg’s Mediation Services, statistics show that up to 70 percent of business partnerships fail. “This is not surprising since many partners stop seeing eye-to-eye a few months or years down the road,” says their website, “It can be one of the most challenging disputes since not only the integrity and the reputation of your business is involved, but if not done properly, the separation can cost you thousands of dollars.”

2. You aren’t contributing the same amount of effort.

Always having to pick up the slack for your partner can be both tiring and incredibly annoying. Sometimes, an imbalance in the responsibility department can be too aggravating to overcome. Are you carrying most of the load? If your company’s profits are being shared equally, but you’re doing the lion’s share of the work, it may be time to get out of that unfair situation. Buying out your partner can ensure you reap the appropriate benefits of your work.

The Harty Williams law group informs that lawsuits can arise between business partners when one of the two isn’t pulling his or her weight. “One reason why you may opt to sue your partner is if there’s a breach of contract,” states their site, “If the areas where the partner isn’t pulling their weight violate the contract, it may be possible to file a lawsuit for the breach.”

3. Tensions between the two of you are high.

Are you and your business partner in constant “disagreement mode”? Sometimes, you don’t even have to be talking about the business to know that the business partnership is on the rocks. It’s certainly a red flag if you’re arguing a lot. This is especially true if you and your partner have vastly different approaches to handling the company’s money. In such a case, it might be the right time for you to take over full control of the brand.

“Most issues between business partners arise due to a lack of communication,” points out Mediation Services, “Whether you want to try and salvage the relationship or if you want to break off the partnership, keep the dialogue going. Avoid unnecessary bickering and arguments. Try to communicate with each other without feelings of resentment and anger.”

Do you need funding to afford a partnership buyout?

At Synergy Merchants, we have a long history of helping business professionals to afford buying out their business partners. With our unique merchant cash advance program, you can actually receive funding within 24 hours! To learn all about it, please don’t hesitate to call us at 1-877-718-2026 or email us at info@synergymerchants.com. You can also apply online for a free, no obligation quote!