Pawnina Shares: Calling it Quits With Your Business Partner (The Right Way)
Hi guys, Pawnina here. Well, breaking up is not at all beautiful, we all know that. While some relationships endure a lifetime, other relationships will flounder just like business partner relationships.
It will be obvious. You will feel it when everything is not working out anymore. So instead of creating a grudge that will run deep where it eventually fall into a lifelong feud, take the right steps to break up with your business partner.
If it’s time to call quits with your partner, here’s how you should do it because it’s better to break up gently than ugly.
1) Communicate a lot and with honesty.
“It’s not you, it’s not me, but it’s us.”
Honesty is the best policy. You both should be transparent with all the plans and communication is everything! Much like a divorce in marriage, this is a step by step process. Nothing will be as easy as one, two and three, plus separating in a business relationship can be costly.
A sweet reminder: Always keep a good tone, be understanding towards each other, that would sound uneasy because it is a painful process, but do this to keep the pain less ugly to bear.
2) Settle with a mediator or a point person.
Let’s break a sweat, it’s not going to go well between you, so expect drama unfolding. But you want to avoid all that hullabaloo because you are not going to get a Tony Award for all the emotional baggage, so better seek the help of a third party you both trust and who is fair enough to take both sides. This would make the emotional turmoil with a point person.
Consult with business coach, keep your accountant’s number and a lawyer would do just fine to walk you through a proper separation.
3) Think before you act.
You’ll be in the heat of the moment, and sometimes that leads to actions that’s regrettable. Words cut the deepest so don’t let emotions cloud your judgment.
4) Split the cost fairly.
Mutual benefit is key. Everything should be properly arranged. The split should be according to your terms and agreement. Sit down and discuss it. Take a less serious space to avoid emotions rising through the roof.
5) Have an exit strategy.
You don’t want that long feudal silent war between you. That being said, business partnership must have an agreement. Defer to your agreements if you have one, if not, compromise with a solution. You want to let go and move on as soon as possible so communicate, settle with a mediator/point person, think before you act and split the cost fairly.
The year may end in two ways for business partners, bitter or better. If you are going through such pace, and you plan to go on solo but a little nudge on the budget is what you need for investment, then you can get a cash loan through PawnHero. Just visit the website to learn more. You may also download the PawnHero app into your phones so you can pawn items ANYTIME, ANYWHERE.
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