Breakups in our private lives are not easy, and neither are breakups in business partnerships. The situation is even more complicated when not only property, but also children, employees, customers, suppliers and others are in the game. The result of a nasty business partnership breakup may be so severe that the loss of your reputation and credibility completely ruins your company. How can this be avoided?
The advice from the Management Today website states that first you have to admit your relationship does not work. Obviously, neither of you wants to throw away your hard work, but if it is clear that you can't continue working together for the benefit of the company, do not ignore it. It would only make things worse. The sooner you bite the bullet and acknowledge it's not working, the better.
If the negative relationship with your business partner has escalated so much that you can't agree on anything, hire a mediator. It should be someone you both trust. Sometimes, the best solution may be to seek mediation from someone in the company's top management. However, consider carefully if this is indeed your case.
Agree on a schedule
You are in a crisis and any crisis must be addressed urgently. Establish a clear timetable for resolving the crisis and stick to it. Do not allow any procrastination.
Evaluate your options
You have only three options in your situation: you will be the one to leave, your partner will be the one to leave, or both of you will leave and you will put somebody else in charge.
Leave your emotions out of it
Try to work in a logical and practical manner and to solve the crisis as soon as possible. Forget about your ego and ask yourself which of you is the best person to restore confidence in your business and move it forward. If you are too influenced by your emotions, follow the mediator's advice.
Involve the company's management
Your "children" of course feel the crisis. They have probably perceived it longer than you think. The longer they have felt the shakiness of your relationship, the more vulnerable they feel. You can reduce their uncertainty by involving them in the process of resolving the crisis.
Try to work it out without lawyers
Before reaching a legal battle of words, try make an outline of an agreement you can work with. Lawyers and accountants will expect you to submit a proposal for a solution.
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