Building a business can be rewarding, refreshing and change the future for millions – but it’s not accomplished without a ton of work. That’s why many business owners divide the work between themselves and a business partner.
Having a business partner at your side can have many perks: a wider range of skills, broader connections, responsibility sharing and fewer financial burdens. But not everybody makes a good business partner. Here are three signs of trouble:
Part of being in a business partnership is knowing that your partner isn’t going to go on unnecessary spending sprees or suddenly lose money that’s meant to support your business. If you can’t trust your partner to wisely spend the business’s money then it may be time to look for a new partner.
On the other hand, if you’re finding it hard to make financial decisions because your partner doesn’t want to spend money intended to support the business, then you may need to re-evaluate the dynamics of your business relationship. You both need to be on the same financial page.
The future of your business depends on how your business partner communicates with you – and this doesn’t mean whether they prefer text over speech. If your business partner tends to miss crucial details about how your business is being run or generally won’t communicate with you, then they may be adding extra work to your job.
Intellectual property disputes
If your business partner takes the approach that all the ideas and creative output from the business are theirs to do with as they please, that could put your entire operation in danger. You need a partner who respects your company’s proprietary information and intellectual property.
If you’re struggling to work with your business partner then you may need to seek legal help. Not everyone finds it easy to separate from their business partner.