It’s been said that successful business partnerships are like happy marriages where the partners share common goals and bring complementary skill sets to the table. But even when you start out from the same place and perspective, it doesn’t mean that you won’t eventually need to part ways.
A good approach to dissolving business partnerships arises from a thoughtful, planned exit and not from roiled emotions. Learn more below.
Never act in haste or anger
When plotting your exit strategy from a business partnership, it doesn’t matter whether it’s a side investment or your main income stream. You want to be certain of your path forward, and that requires foresight and planning.
Business partners can come back from even heated disagreements as long as they keep civil and play the long game. However, sometimes circumstances dictate that it’s time to exit, stage left on your partnership.
You both owe your company your best efforts
Are you planning on buying out your soon-to-be former partner? Or would you like them to purchase your stake? Alternatively, the best option may be to sell the company outright to a third-party buyer.
Ultimately, the goal of both partners should be the viability of the company to get the best deal possible for all parties.
Acknowledge your partner’s contributions
As you prepare to part ways, you may want to have a conversation with your business partner wherein you express gratitude for their past efforts and contributions to the company. Despite your business relationship ending, you may want to preserve a friendly relationship with them.
This is especially true when your partner is a friend, relative or in-law.
Still unsure how to proceed?
Seeking guidance at these important junctures can add structure and clarity to the process of dissolving your business partnership.