Having a business partner can have a lot in common with marriage. Both are partnerships that commonly lead to disputes and court battles. The reason these relationships end badly can also have a lot in common as well.
Knowing how to spot the signs of trouble ahead in your business partnership can allow you to proactively handle disputes before they get out of control and turn into legal battles.
How do you know disputes are on the horizon?
According to Small Business Trends, here are a few common signs of trouble ahead you should recognize:
- Misaligned visions: Many times, business partners have a completely different vision for the purpose, practicality and future of the joint business venture. Having clear goals and vision casting can help to make sure that everybody is on the same page.
- Rigidity: Being inflexible and unwilling to compromise in making important decisions, can lead to conflict. It is important to have a business partner that is willing to give and take in collaboration.
- Irresponsibility: Business partners that are not diligent or responsible in matters that affect the business can be problematic. If a business partner irresponsible makes decisions or spends company money, then this could be a sign of future dispute.
- Lack of enthusiasm: Sometimes business partners don’t share the same passion and enthusiasm for the business. This can lead to apathy and a lackadaisical attitude that harms the bottom line.
- Disrespectfulness: Being disrespectful can manifest itself in many ways. If a business partner doesn’t respect your time, opinions or finances this can commonly lead to disputes and lawsuits.
If you believe that your business relationship with your partner has taken a turn for the worse, it can be beneficial to seek professional help to make sure that your rights are protected.