Developing a business with a partner can be exciting. As the company grows, you envision the future working together to build the business.
The signals may be subtle at first, but at some point, you may start to consider that the partnership is not going how you planned. While you want to give your partner some grace to make changes, you may find that you need to draw the line and end the partnership.
Here are a few indications you can watch for that may mean it is time for you and your partner to part ways.
They’ve lost their focus
For better or worse, people tend to go through phases of commitment. While you may be committed to the long haul with your business, your partner’s interest may wane over time.
In some cases, your partner may have lost a sense of what makes the job meaningful for them, or they may have a personal matter shifting their focus. During this time, it is essential to talk to your partner about their commitment to the business and their intentions for the future.
You may find that your partner needs some changes to their working arrangements, or you may decide that it is time for them to move on to their next chapter.
They aren’t pulling their weight
A partnership requires two people working together to better the business. When one partner is not doing their share of the work, it can be demoralizing and frustrating.
Depending on your agreement, you and your partner may have a 50/50 split of responsibilities or some other arrangement. Occasionally, you may find yourself picking up for the other, but it should not happen consistently.
If you notice your partner is not pulling their weight, you need to talk about their commitment and intentions. They may need some time off, or it might be time to dissolve the partnership.
Ending your partnership can be as significant as getting it started. When you need to terminate a partnership agreement, it is essential to understand the original deal and how that applies to ending the partnership.