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Regardless of whether you’re best friends, family members, industry colleagues or anything else, two people always enter into a business partnership hoping to leverage each other’s strengths and build a successful business together. However, real life may not always play out so smoothly.
If your business isn’t doing as well as you’d hoped — or is even failing — but you can’t seem to find the root cause, you may consider looking at the state of your business partnership. From disagreeing on core values to avoiding each other entirely, issues within your relationship with your business partner can have a direct effect on the way your business runs and, ultimately, whether or not it succeeds.
If you find yourself questioning whether or not you and your business partner are as compatible as you thought, look for these seven signs as outlined by the business leaders of Rolling Stone Culture Council, and then determine whether you can heal your relationship or whether it would be beneficial to part ways.
You Disagree on Core Issues and Decisions
One sign of incompatibility is persistent disagreement on core values, goals or decision-making processes. If differences hinder progress or cause conflict, open communication is vital. Consider seeking mediation or parting ways amicably to preserve both personal and professional integrity. – Sonia Singh, Center of Inner Transformations
You Lack Flexibility and Openness to Ideas
Rigidity, meaning a lack of flexibility and openness to new ideas, can sabotage partnerships by hindering adaptability, fostering resentment and eroding trust. When attempts to find common ground fail, it may be necessary to consider dissolving or altering the partnership to preserve overall success. – Shirin Etessam, OML
The Rolling Stone Culture Council is an invitation-only community for Influencers, Innovators and Creatives. Do I qualify?
You Get Defensive During Conversations
If talking doesn’t work, and legal agreements force you to work together, divvy up different areas and be accountable for each other. This frees both of you up to focus on your separate strengths yet meet in the middle on all items. – Susan Johnston, New Media Film Festival®
You Don’t See Eye to Eye on Culture
One bad sign is a difference in vision or culture. Have the exit conversation, and don’t wait. Like Peter Drucker said, “Culture eats strategy for breakfast.” – Igor Beuker, Igor Beuker
You’re No Longer Collaborating
When a business partner starts to make unilateral decisions without collaboration, address this immediately to prevent trust erosion. Establish a documented long-term business strategy, agreed upon by both partners. This strategy should guide all decisions, ensuring alignment with the company’s goals. Oftentimes, we move so fast — especially in startups — that we forget the importance of documentation. – Calvin Rasode, Brains Bioceutical Corp
You Start Avoiding Each Other
It’s a bad sign when you stop sharing and instead start avoiding your business partner — when you see your business partner as a hindrance. Clear the air. Initiate an occasion for mutual sharing so you can come to alignment again. – Angela Pih, Lucid Green
You Are Looking for a Way Out
If at all possible, try to have a clear exit strategy and plan for each partner so there are defined terms for how partners can separate. It is never something you want to have to discuss with a partner in the beginning of a business, but doing this will ensure clear expectations for both parties on how they can leave the business and what the financial implications are. – Nathan Green, New Level Radio
