Whether you have a 20-year-old business or just turned your dream into reality, disagreements over business strategies happen between partners. Partnerships can help build a companies’ success, but could also lead to its demise.
How to make sure your partnership thrives:
Review your agreement, decide and document business goals, create a plan to accomplish them, schedule time to “talk business” and be willing to walk away, suggests leadership business coach Marian Banker.
Honesty pays off. Get it in writing, and get counsel are two of the 81 Strategies to Fix a Bad, Falling Apart Business Partnership, from The Toilet Paper Entrepreneur.
To end your partnership outside court, the partner leaving must give proper public and governmental notice as required by law, pay all creditors they owe, return capital investments and distribute remaining assets and profits evenly among partners, according to A.W. Berry, personal finance team manager at Helium.
Bonus PINK Link: Find out how a co-ownership can help build strong revenue.
By Shaniqua Christian
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