While a business partnership can result in innumerable benefits, it can also go horribly wrong. That’s something to bear in mind when drawing up a partnership agreement, as it is far simpler to deal with differences when you have already detailed how you will operate your enterprise.
If issues between you and your business partner develop, there are a number of considerations that you’ll want to contemplate before committing to a plan of action or inaction.
Do you both understand the contract you signed?
Misunderstandings are commonplace in many situations, and often just pulling out a partnership contract for review and/or seeking legal help to spell out what you both agreed to, can be enough to resolve certain tensions.
What do each of you want?
It’s easy for a business relationship to become strained if one partner acts in a way that the other does not appreciate. Yet, people usually do things for a reason, and usually, it is because their behavior makes sense to them at the time.
While it’s possible that your business partner is doing something to spite you or steal the company from you, perhaps there is an innocent but misguided explanation for their choices. You might never find out what is really going on if you do not take the time to listen to them properly. You might want to have a conversation in the presence of a third party if you’re struggling to communicate effectively.
Is this problem worth the consequences that it is inspiring?
Maybe your partner has made a huge mistake. Perhaps they did breach their side of the deal, but are you willing to lose the income your business brings or destroy your years of friendship over a mistake? The answer to that question is likely going to depend on the nuances of the situation in question.