The Signs Your Business Partnership Will Implode
Businesses are like families – everyone needs to be on the same page. When there is love in the air, the company is the one that benefits the most. And, this has a knock-on effect for the owners too. Unfortunately, partnerships don’t always go to plan. Some people are toxic and can’t work with others, while some are too lazy. In these cases, the relationship is like a ticking time bomb ready to explode.
The simple answer is to get out early, but it isn’t as easy as it seems. Why? It’s because the signs aren’t obvious. To make them clearer, here are the ones to watch out for in the future.
People aren’t born equal, and this is true of partners. Sometimes, there is one person with much more experience and they are the party who take control. The idea may seem okay for now, yet it will become a sticking point in the future. It’s your company also, and you want a say. The best relationships are the ones where there is a deficit. For example, there is a talent which you possess that they don’t and vice versa. In this case, both partners rely on one another and there is a level playing field as a result. Can you say this of your partnership?
Plenty of decent, hardworking entrepreneurs have been taken to court. It’s a sort of rite of passage in the modern day industry. Still, suits are few and far between; maybe a handful a year or every couple of years. A person who is constantly in the sights of the courts is a liability. There is not only the reputation of the company to factor in but also the collateral. Estate litigation is not unheard of, especially when there are partners. Losing assets is bad and the lack of trust is just as problematic.
The industry is moving along rapidly. Businesses that don’t jump on the bandwagon are left behind in the dust. Sorry, but it is this simple regarding success in 2018. The obvious thing to do is to revolutionize and make changes. However, some bosses are against the prospect. Why? It’s because they are old-school and stuck in their ways. Sometimes, it’s possible to spot this by having a conversation. Do they reject contemporary methods and new-age tech? Also, check out their schedule. Those who want to learn are the ones who make time to go on courses and understand how to be better.
There is nothing wrong with debating or arguing what the best path for the business is. In fact, it’s a terrible sign if this doesn’t happen with the office walls. Bad partners are happy to provide problems yet don’t have any answers. Or, they fight and fight until the only option is to go with their strategy. Otherwise, nothing would get achieved as they cannot compromise. Arguments are fine but there is an issue when one person sticks their head in the sand.
Are any these familiar?