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Should you cut ties with your business partner?

On Behalf of | Aug 9, 2022 | Business Law

Most business partners disagree occasionally, but a healthy working relationship means you can resolve your differences amicably. However, disagreements and disputes are not the only symptoms of a deteriorating partnership.

These are signs that your Fort Lauderdale business partnership is not meeting your long-term goals, and you should consider cutting ties with your partner.

Your partner has conflicting priorities

Your business partner can compensate for the skills you lack, but if that person is no longer able or willing to contribute to the company you share, you may be facing the end of your partnership. Ideally, you can arrive at mutually agreeable terms that reflect each partner’s interests.

Your partner is secretive

Successful partnerships rely upon open communication, honesty and trust. A business partner who answers your questions vaguely, withholds financial data or refuses to update you about critical projects leaves you unable to perform your job effectively and jeopardizes your other business relationships.

You struggle with an additional workload

Suppose your business partner is no longer willing or able to fill the role that forms the basis of your partnership. In that case, you may struggle to handle additional responsibilities and experience burnout. If you believe this arrangement will continue indefinitely, you should reconsider moving forward with your partner.

You avoid discussing uncomfortable topics

Business partners who avoid awkward issues that are uncomfortable to discuss may develop resentments and misunderstandings towards each other. In addition, poor communication promotes an inaccurate picture of a company’s health. It also signifies that a partnership can not endure the inevitable daily challenges of operating a business together.

Including dissolution provisions in your Florida partnership agreement can help you and your partner end your deteriorating business relationship reasonably and efficiently.