Partnerships can go wrong at any point of time in business. One might think that after being together for 20 years, a partnership may not fall through but the truth is partners can break at any point.
When you feel that a partnership is going south, there are certain things to remember so that you don’t make the relationship worse.
- Don’t compete with each other: At times partners forget the roles they had cut out for themselves and tend to step on each other’s toes. For ex: if partner A is responsible for brand and marketing, partner B should not go about making a drastic change or belittle A’s work just because things aren’t going well.
- Set a specific time to discuss business – there is no point fretting over during each other’s me time or family time. Set a time and follow the schedule
- Don’t be afraid to disagree: it happens in all business. Perspectives and approach to work differs from person to person. It is best to be able to gracefully disagree with each other.
- Face disagreements in a calm manner: Often it is not disagreements that irk the other partner, but how we respond to it.
- Sharing responsibilities and being flexible to each other is key
The most important thing to remember when you enter a partnership is to have a clear exit plan. People do not spend much time on this and end up in having bitter exits. It is prudent to have everything in black and white even if you are partnering with your best friend from college.