Have you made the decision to end a business partnership? Your goal may be to get through the process as painlessly as possible.
However, the financial stakes can be very high. And the process can be difficult when partners have worked hard to grow a business together.
Here are a few things to keep in mind as you deal with the financial, legal, and emotional difficulties you may confront while ending a business partnership:
- Protect yourself: Whether the breakup is amicable or contentious, it is important to protect your own personal interests in a partnership breakup. Ideally, each party would be represented by a business attorney.
- Communicate: Transparency and honesty are important during the dissolution process. Staying on positive terms with your (ex-) partner can help make the process smoother.
- Be prepared: It is natural to encounter issues during the process of ending a business partnership. If disagreements arise, it is advisable to work with an attorney to negotiate or mediate a resolution. If not, the case may proceed to trial.
- Make sure the decision is legally binding: To protect yourself now and in the future, make sure your decisions and agreements are legally binding. An attorney can help ensure that steps are taken now to avoid potential problems in the future.
The end of a business partnership can be the beginning of other opportunities. Taking the right steps now can set you up for success in future endeavors.
If you are facing a partnership breakup and wish to speak to an attorney about your options, please call 503-446-6261.