Most business relationships are born amid a flurry of creativity, excitement and hope. When two or more people share a similar entrepreneurial vision, it can feel like you will be sympatico for life.
Unfortunately, many Florida business partnerships fail under the wear and tear of day-to-day operations. Even worse, once the excitement over your startup fades, you might discover your partner has serious flaws that could harm the business.
Here are some signs that you may have chosen poorly.
Lack of work ethic
Some creative people are great at brainstorming ideas and solving problems but aren’t very good at following through. Creativity is vital, but if that is the extent of their contributions, you may soon feel you are the only one putting work into the startup.
Business partnerships work best when all partners contribute equally to the growth and success of a company.
Lack of people skills
Eventually, you will need employees and business relationships to support your startup. Maintaining these connections typically requires a subtle touch and a lot of diplomacy. When a partner lacks the skills to handle others with care and respect, it could lead to legal disputes.
For example, modern employees know they have rights in the face of workplace mistreatment and are more willing than ever to seek a legal solution.
Lack of money skills
Does your partner thoughtlessly take cash from the business? Do they make frivolous purchases or hasty financial transactions? Making it about money may feel wrong, but startups cannot usually survive without turning a profit.
Careful money management can help companies endure the difficult early months and years of business operations.
These or other signs could signal the need for legal guidance to help you resolve your partnership problems before they lead to litigation.
