Business Partnership (Pt 3) – Opeyemi Komolafe

Business Partnership Part 3

As much as having a partner gives you leverage, having a problematic partner can cost you business, clients, your reputation and even your entire company. 

So what do you do when you find out you have made a partnership error? 

Dissolve the partnership as soon as possible.

Knowing that a business partner is a fellow member of a business by contract, to dissolve the partnership, you will have to go back to the contract, get your lawyers and settle amicably (hopefully out of court). 

It is important to note that all partnerships have their ups and downs, that said, we must be able to separate differences in personal and corporate affairs. Irreconcilable differences in some personal affairs might not necessarily impact the business, so to dissolve a viable partnership over preferred educational systems for your children is just plain folly, no matter how heated the argument. The denomination of your church does not impact on your business. A necessity to take an annual leave to vacation every year doesn’t necessarily impact your business.  As long as those differences don’t affect the business or reputation of the business, the partnership can work. 

The minute your differences begin to affect the fundamentals of the business, you need to have a conversation.

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