Getting into business with a like-minded person can be an exciting move. But business partnerships can be strained, and they are not immune from disputes and, at times, court battles.
Knowing how to read the signs of partnership troubles ahead of time can help you take proactive steps and address potential disputes before things can get out of control. Here are a few telltale signs that your business partnership could be headed for troubling times.
When visions are getting misaligned
When you first formed the partnership, chances are you had a common mission and vision. Over time, however, partners may have differing ideas on the direction the partnership should take. If you are no longer seeing eye-to-eye on partnership goals or if your partner is no longer adhering to the initial partnership agreement, then this could be a sign that a conflict is on the horizon.
When your partner is acting irresponsibly
A business partner who is not prudent or responsible can be quite problematic. If your partner is making irrational or outrightly reckless decisions like misappropriating business finances or engaging in unethical conduct with employees, customers and suppliers, then this could cause problems. In fact, it can expose the business to losses and even lawsuits. And you don’t want this.
When your partner is disrespectful
Disrespect can take multiple forms. If your partner no longer respects your opinions, time or even finances, then you can almost be certain that you are going to lock horns at some point.
Likewise, a partner who cannot be flexible during decision-making processes is likely to strain the partnership. Business partnerships thrive when each party is willing to give and take.
Business partnerships are founded on trust and mutual respect. If you believe that your relationship with your business partner is taking a turn for the worse, it’s in your best interest that you figure out how to protect your rights.