Are business partnerships for dummies? Well, at least my attorney thinks so. In many ways, business partnerships are more challenging than marriages. These partnerships bring all types of moving parts, like employees, debt, hopes and dreams, etc. Just like a marriage, business partnerships are hard to make work.
Because of financial reasons, some entrepreneurs have no choice if they want to start and build a thriving company. So, if you find yourself in one of these partnerships, look for the following 5 signs of trouble and get help early.
1. Sign No. 1: One partner says he/she is unhappy. When this starts happening, the clock is ticking. Do nothing and the partnership will end in a bad way. Jump on the problems early and start getting them resolved.
2. Sign No. 2: Little effort by one of the partners. If one of the partners starts slacking on his/her duties, that's a sign of disinterest.
3. Sign No. 3: One of the partners feels superior. If one of the partners feels he/she is more valuable than the other, that's not a good sign. The feeling of an unfair situation can often lead to partnership issues.
4. Sign No. 4: Little compromise. Just like a marriage, compromise must be present for a healthy relationship.
5. Sign No. 5: Lies. Trust is the key in any valuable relationship. If your partner isn't trustworthy, get out quickly.
--Ron Ameln, SBM