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Can business partners part ways amicably?

On Behalf of | Mar 11, 2021 | Business Law |

Many times our dream of starting a business includes the assistance of one of our good friends. Over the years, you and your business partner may have developed different interests or different views for the future of your business. When you reach the point where you need to part ways, there are various ways you can do so amicably in the state of Oklahoma.

Start with an honest sitdown

One big mistake that business partners make is hanging on to a business when they’re not happy just to save the pain of talking to the business partner. While you and your business partner will disagree on many things over the years, sometimes more than disagreements can foster between the two of you. When this happens, it’s a good idea to sit down with your business partner and explain your feelings and intentions for the future. With an honest sitdown, you can help to formulate a plan for an amicable parting that suits both parties.

Stay calm and give praise when it’s due

It can be very easy to get into a heated discussion with your business partner. However, being in a heated discussion doesn’t usually come out with any great results. Rather, you should pick a time when you’re both calm and discuss the future split of your business. Before having this meeting, do yourself a favor and assess the skills that your partner brings to the table and give them prayers for them at the meeting. When you start out by giving praise, your business partner is more likely to help you establish an amicable split.

While you may have never thought of being in business with anybody other than your partner, times change. When you notice that your relationship is no longer creating a positive environment for your business to grow, it’s time to move on. Not all splits of business partnerships have to be stressful and wreak havoc on everyone’s financial stability. Rather, by following the tips above, you and your partner can split on amicable terms.