Not all pairings of business partners are written in the stars. Even successful startups can experience the kind of growing pains that knock executives off their axis. Whether you’re running your own small business or working for an established company, there may come a time when you need to address a rupture in a business relationship. Learning how to split peacefully from a business partner can prevent a necessary split from leading to unnecessary drama.
How to Split Peacefully from a Business Partner
If you’ve already tried mastering how to repair a relationship with a business partner but it hasn’t yielded the desired results, it may be time to consider moving in a different direction entirely. When business relationships don’t work out, it can be difficult to address. But since it’s critical for the success of your business, it might be time to learn how to split peacefully from a business partner.
Manage Your Emotions
Emotions are a great source of information but one critical component to workplace and conflict management across the board is not to communicate when you’re upset. If tensions are high, pause before addressing the situation. Allow your frustration to breathe and then revisit the conversation with your partner so that this business breakup can remain professional and respectful.
Recognize Your Most Important Business Needs
Conflict resolution models in HR or traditional business practices that apply conflict mediation at work may not always translate to the professional partnership you’ve developed and nurtured over the years. So, it might take some independent thinking to understand what your true business needs are and how to handle a hindering relationship. For this reason, you need to prioritize the most important needs of your business and how the dissolving of this partnership will impact certain areas. In other words, is a buyout necessary? Will your business classification change now that you’re on your own? Are there tax liabilities? Is this detouring you from your business trajectory and, if so, how can you recuperate this loss in the long-term?
Consult with the Pros
Dealing with conflict at work is difficult under any circumstances, but when you’ve merged pieces of your business with someone else, it can make the dance even more delicate. So if you’re struggling with how to split peacefully from a business partner, let the professionals in conflict resolution help you out. This can help you prevent making costly mistakes and putting your business at risk. And while preserving the relationship with your soon-to-be-former business partner may not be your most urgent priority, ensuring you don’t burn any bridges is always a wise business choice. By reaching out to conflict management professionals you can mitigate any negative impacts this situation could have in the future.
If you’re still struggling with how to split peacefully from a business partner, get support from unbiased professionals who can diffuse rather than ignite the tension. Contact Pollack Peacebuilding Systems today to get the right kind of resolution for your business partnership.