Being the sole proprietor of a business is tough, which is why so many people decide to start business partnerships. As long as you're on the same page as your partner and you both remain dedicated to your business's success, you should do just fine. On the other hand, there are many things that can completely destroy a business partnership before you know how much damage is being done. Today, we're going to go over the four deadly D's that can destroy a business partnership: disinterest, divorce, drug addiction, and death.
This one should be mostly self-explanatory, but it comes up more often than people would like. Simply put, both you and your partner need to be committed to your business. Because you are dependent on each other, if either of you begins to lose interest in keeping your business afloat, it will almost certainly sink.
Divorce is especially troublesome if your business partner is also your spouse, but it can also cause problems if your partner decides to get divorced. Not only will they probably be distracted and disinterested while they're going through their divorce, but their ex-spouse could also do some serious damage to their credit and their assets if they're particularly vengeful and petty. You shouldn't convince your partner to stay in an unhappy marriage for the sake of your business, but both of you should do your best to keep a divorce and all it entails as far from your business as possible.
Drug addiction can sink a business partnership for a number of reasons. A business partner who is struggling with heroin addiction or some other substance abuse problem could be spending all of your funds on their drug of choice, and they could be distracted from your business's operations because of it. Of course, there's also the potential legal ramifications of their drug use. That can and will sink your business faster than just about anything. If you don't think this can happen to your business, remember that nearly 5 million Americans have used heroin. It is very possible that one of these people could be within your company.
Of course, death can ruin a business partnership; that should go without saying. And yet, it's not something that people really plan for as they should. In the best possible scenario involving the death of one of your business partners, you or one of your other partners will pick up the slack and fulfill the role that the deceased once held. Unfortunately, that doesn't always happen. Their next of kin might suddenly have a stake in your company whether they're the right person to run it or not, and the wishes of the deceased may not be honored if they haven't been documented. To avoid this unfortunate possibility, write out a will that states exactly what you want to happen to your share of your business should you die. Encourage your partners to do the same.
Source: http://www.mcbrideforbusiness.com/blog/what-to-do-in-the-event-that-your-business-partner-dies Even though having business partners can be beneficial in the long run, it doesn't take much to upend a small business even if things seem to be going well. Avoid these four deadly D's whenever you can, and make sure that you are always communicating with your partners as you manage your business.
If you’re still in the process of finding funding and developing your business, then let JMA Group assist!