What happens if your Small Business partnership fails? What is the best way to handle ending a partnership to avoid a major battle and to keep your focus on the continued success of your company? Join us today on the Small Business Show to hear how Shannon Jean and Dave Hamilton have ended partnerships without destroying friendships, finances and entire businesses.
So, you’re a regular listener to the Small Business Show, followed our advice and created your own reality with a thriving business and have started to live a Charmed Life when out nowhere, your business partner begins to lose interest and stops managing their part of the business. Despite your best attempts to fix the problem, you’ve come to the conclusion that ending the partnership is the only way to save your Small Business. How do you proceed?
On this episode of the Small Business Show, we discuss some creative ways to end a partnership while respecting all parties involved.
Listen in and then visit the Small Business Support Group to comment and share your own tips!
- 00:00:00 Small Business Show #174 for Wednesday, June 6, 2018
- 00:01:43 “Almost halfway there”
- 00:04:35 Creating your own reality
- 00:05:01 “You’re almost finished!”
- 00:05:36 About our sponsorships, and benchmarks of success
- 00:07:33 SPONSOR: Simple Contacts – Get $30 off at https://simplecontacts.com/sbs or enter SBS at checkout
- 00:09:22 SPONSOR: GoDesignerGo.com/SBS – SBS50
- 00:10:54 end sponsor block
- 00:10:54 Ending a partnership
- 00:12:43 Don’t skip the Working Agreement
- 00:14:03 Approach is everything
- 00:15:06 Make the business and the end of it real
- 00:18:25 Side business can suffer lack of attention
- 00:20:00 Find an internal mediator
- 00:20:34 Separate personal loyalty from business loyalty
- 00:23:34 Don’t carry animosity
- 00:25:15 Work on it together – “Same side of the table”
- 00:27:30 Before hiring an attorney, talk through an earn out
- 00:31:28 The value of walking away for $1
- 00:33:41 Communication is key
- 00:36:14 SBS 174 Outtro – firstname.lastname@example.org