How do I end a Business Partnership?
Are you struggling with your business partner? Are things tense and do conflicts seem never ending? These might be signs that it is time to end your business partnership.
However,
Ending a business partnership is not an easy task and should be the LAST possible outcome to solve an issue. Be absolutely sure that there is nothing left to be done to be able to resolve the relationship with your partner.
One of the best ways to try and resolve an issue is by getting a 3rd party to mediate a conversation. A facilitator can help each side feel heard and understood. It is very helpful and at times necessary to have a trusted friend facilitate to hopefully reach a possible reconciliation of the partnership.
Next, look through your Partnership, Operating, and Stockholders agreements to see if you have set up a dispute resolution. This has proven to be very effective with a mediator. If still nothing can be resolved, it is time to get a divorce from your partner.
With this decision you are now moving into the legal arena. It is recommended that you get a personal attorney. Do not use the business attorney, they are hired for the business, this helps to keep things separate.
Deciding to officially end a business partnership is not easy. A toxic relationship affects many aspects of your professional and personal life. We wish you the best of luck moving forward.
*Disclaimer*: All opinions expressed are based on the experience of the staff at QBO. We highly recommend consulting with an attorney prior to making any final decisions about your business.