The world of business is a dog eat dog one, where brands are trying to run their competitors to bankruptcy, and business partners are trying to cheat others. One thing that you should always know is that you should expect the unexpected when in the business realm.
The Possibility Of An Unexpected Sudden "Divorce" In Partnership.
At one time, you and your partners were happy. The business idea was formed, and all of you were optimistic that everything would go as planned. It is important to bear in mind that no matter how long you dine and wine with your business partner, there is a great chance that wealth can separate you. That business partnership can come crashing because one or two of your partners decided that the wealth should be for them only.
This can be devastating, especially when you do not expect it. Sometimes, the symptoms that your business partnership was about to be annihilated may have raised their heads, but the fact that you have close ties with your business partners blinded you. We will go ahead to discuss the signs that show when the business partnership may be coming to an end.
What A Broken Business Partnership Can Lead To
When a party in your business partnership decides that it's high time you all went your ways because he or she wants the wealth to himself or herself, what happens?
What of when your business partner decides to enter into a secret deal with your competitors, what happens?
When you get to hear of it, you start to feel that a knife, a sharp one has indeed been driven to your back.
A broken business partnership usually leads to the following:
When a business partner enters a secret agreement with your competitors, one thing is certain, they want to bring your business crumbling. Whatever their plans are, it usually involves your business becoming bankrupt and the partner that betrays you, taking a large share of the wealth. Sometimes, you may be left with nothing, but lawsuits in your paws.
Imagine you hear that the business partnership and company that you had worked so hard to build crumbled, there is a great chance that it may affect your physical and mental health. Sometimes, it may degenerate to the extent that you lose those you love, especially your family members and friends. No one deserves to go through this. This is why it is important to watch for signs of a business partnership failing. Sometimes, the signs are there from the onset.
Signs That A Business Partnership Will Not Succeed
If you notice that your partner takes a long time to return your emails or calls, it may not work out. It shows that your business partner has his or her eyes elsewhere. It is important that you work with those that are ready and excited to work with you, than those who feel that they are doing you a favor by being your business partner. If they are always too busy for you, it won't be a bad idea taking your business elsewhere to prevent you from being frustrated.
2. You Have a Hunch
Sometimes, we tend to ignore a hunch, feeling that it is false. It is totally wrong to do things based solely on a hunch, but it is not wise to totally ignore a hunch. When your instincts start screaming to you that the business partnership won't work, there may be a reason for it. Try and find out why this is so to prevent you from losing everything, especially your wealth. Sometimes, it may be you being anxious, but other times, it may be you being right.
This is a powerful tool in business that shouldn't be ignored.
3. You Get Inconsistent Information
When you have a business partner that can't keep to one story, you should consider taking the exit. Such a person is definitely without scruples. This is a great signal that you shouldn't waste your time on such a business partnership. Don't try the three-strike policy, where you feel that you should give multiple chances. If it won't work, it won't work.
4. They Can’t Take Responsibility
If you are in a business partnership, where your partner blames everyone else even when they are at fault, you should consider taking the door. This is a red flag that shouldn't be ignored if you don't want to lose your wealth. This can't be hidden in a relationship. Once you notice that everyone is at fault except them, consider taking the door. One thing you should know is that you can't change them. The smart thing is to get them replaced.
5. They Squabble Over Minor Details
One way to have a business partnership ruined, and you being stabbed in the back is if you quarrel about everything. Before you know it, your business partner is trying to cut a deal with your competitors to run you under. There will be quarrels in a business partnership, but when it is a daily affair, you should consider taking the door.
6. No One Talks About Money
You are thinking of entering into a business partnership with someone, and there is no talk about money, there is a great chance that it will fail. You may think that your business partner is not so interested in the money, but have the passion to drive the company. That's a pure fallacy. When a business partner is not concerned about money, there is a great chance that he or she has seen a loophole to have money siphoned.
7. The Bait and Switch
Let's say you and your business partner had a great chat, and everything seems to be working out well. You then decide that your partner writes out what was discussed and agreed upon. What he or she then sends is the total opposite of want was discussed, that's a red flag. It is either the person is not trustworthy or is a bad listener. You don't want to find out. Walk out.