Business partnerships can experience ups and downs like any other relationship. At some point, you may even believe it necessary to dissolve your partnership, which can cause quite a bit of stress and headache. Fortunately, much of this fallout can be avoided if you take the proper steps. Here are a few ways to successfully navigate your dissolution so it is mutually beneficial to both parties.
Have a plan in place
You may not ever think you and your partner will be at odds, but it is a likely scenario in the world of business. Accordingly, having a plan in place before trouble ever rears its head allows you to make practical decisions free of emotion. An exit plan can layout things like rights and responsibilities, who gets a share of what and how much, and how disputes will be handled should they arise.
Do not say things you will regret
Once the dissolution is in progress, be very cautious about how you communicate with your partner. It can be easy to lash out, especially when you are feeling wronged, but angry emails and texts could complicate matters even further. If you are feeling angry about a certain topic, wait. Wait until you have calmed down before sending out any communication, so you do not say something to jeopardize the process.
Consider professional help
Sure, you may be able to handle the tough work of breaking up your partnership on your own. But having an attorney by your side can protect you from acting against your own best interests. It also establishes that both parties will get a fair shake, as their respective attorneys will be there to call attention to any issues or problems as they arise. Do not look at it as a failure of diplomacy, but instead, look at it as a way to protect both parties during the process.
