Starting and running a business is hard work. That’s why many entrepreneurs partner with friends or family members.
Combining your time, effort, connections, and expertise boosts your odds of succeeding. Funding a small business is also easier to do when you’re not on your own.
However, as with any relationship, your bond with a business partner may not remain strong forever. There may come a time when it actually hinders your success. You might be better off leaving the business to pursue other goals.
Not sure if you’ve reached this stage? Keep the following points in mind. It may be time to part ways with your business partner if:
People Are Concerned
Again, running a business keeps you, well, busy. This can lead to stress as well as genuine psychological problems. You might not even be the first person to notice these issues.
Pay attention if friends and family express concern over the role your business has begun to play in your life. They might have genuinely valid points worth listening to.
The Atmosphere Is Negative
Your business partner may have been optimistic about your future when you first began working together. Unfortunately, this can change as responsibilities and difficulties pile up. The result may be a toxic business environment, in which work is not divided equally, communication is strained, and your partner’s overall attitude is negative.
This doesn’t simply affect your mood. A positive working environment has been shown to boost the odds of your success, while a negative environment has the opposite effect. It’s difficult to build a successful business when you and your partner are always unhappy. Consider moving on to a different venture if this continues to persist.
Positions Are Unclear
It’s important to clearly determine everyone’s role when growing a business with friends or family. You don’t want to be saddled with more responsibilities than you can manage. On the other hand, you also don’t want a business partner trying to take over your role.
If people don’t understand their positions, try to clarify the issue. If nothing changes after repeated attempts to fix the problem, it’s probably time to go your separate ways.
Surveys indicate most business owners focus so much on entrepreneurship during the early stages of growth that they worry their health will suffer.
This is an understandable concern. Stress, lack of sleep, and overwork can absolutely have a negative impact on your wellbeing. Although you may want to succeed as a business owner, you should consider stepping back if you’re getting sick more often than usual.
You’re Not Seeing a Strong ROI
Growing a business involves spending money. That’s why you need to set a realistic budget from the start.
This isn’t simply about determining how much you need to spend to succeed. It’s also about determining when it’s time to call it quits if you’re not seeing a strong return on investment. Don’t make the mistake of spending more than you should on a business that’s going nowhere.
Your Business Partner Lacks Enthusiasm
Again, you might need to end a partnership if you no longer feel the desire to work hard towards your business goals.
However, you also need to pay attention to your partner’s level of enthusiasm. Do they seem burnt out? While that’s understandable, you can’t succeed if only one of you is willing to put the work in. You might be doing them a favor by deciding to abandon your plans.
In fact, you’ll probably be doing yourself a favor as well. Working with a business partner longer than you should often ruins the relationship. Avoid this by “breaking up” before toxicity becomes overwhelming. You can always try to start another business in the future!