Breaking up is hard to do, especially when it’s with a business partner. But if you and your partner can no longer see eye-to-eye on important decisions related to your company, it may be time to make a change. Here are some signs to watch for if you think your partnership may be headed for the end of its road.
Disagreements, Disputes and the Road to Dissolution
Perhaps you and your business partner still want to give it everything you’ve got to try and make the business and relationship work. If so, mediation is a good first step and one that can be very effective if you can’t resolve the dispute internally.
Sometimes, however, it becomes clear that no amount of negotiation or mediation will save what’s only going to continue to break. Hurdles that may become too difficult to overcome include things like:
- Changing personal or business goals – If the future holds two different paths for you and your business partner, no amount of discussion will change that.
- Conflict over the direction of the business – Likewise, if you and your partner have different visions for where you want to take the business, these disagreements can be hard to overcome.
- One partner not carrying their weight – Resentment can build if one partner feels like they are doing more than the other in terms of contributing to the business. No one wants to be picking up the slack for their partner.
- Personality or work style conflicts – When times are good, differences in personality or work style can be overlooked, but any strain in the business might cause these differences to become intensely problematic.
If the partnership needs to end, you should first look at your shareholder’s agreement to see what you decided to do about dissolving your business way back when you and your partner were both clear-headed. Resolving a dispute can take many forms, and you don’t want to make any rash decisions in the heat of the moment. Always talk to a business law attorney first before taking any action.
For help with partnership disputes or anything that pertains to Florida commercial law, please get in touch with our team at Silverberg|Brito, PLLC.