Starting a business is exciting, scary and rewarding all at the same time, especially when you can start it with someone who is just as passionate as you are. However, as time goes on, and the stresses and reality of running a business take place, everyone on your team may not be as committed to the entire process.
When I first started my company in 2013, I asked a long-time friend to be a part of the business. In the beginning everything was going very well, but when our visions collided we decided to separate.
Ending any business relationship is tough and takes a toll on whoever is involved. The responsibility inevitably increases for the individual who decides to keep the business together. Here are a few of tips to that make for a smooth transition if you find yourself becoming a lone entrepreneur.
· Paperwork- Make sure that you maintain the original paperwork that goes in and out of the business. This includes business formation files, bills, contracts and anything else that required a business signature. It’s important to clearly define everyone's role within the company in the beginning to know how those roles will affect your transition. Usually, there is always one person that is more dominant; however it is imperative that if you are the subservient partner, to keep track of your paperwork.
· Communication- If the business relationship is ending, you still must communicate with your old partner to ensure that you have all the information needed for you to continue pursuing the business. Even when business relationships end badly, it’s important to put all feelings aside and discuss the issues at hand. Both parties must have a clear understanding of why the relationship is ending and where you both stand. This will eliminate any "bad blood" or confusion and offer the closure needed to move on to new beginnings.
· Organization- Losing an extra set of hands and eyes to help is tough, so you must get organized and remain that way. Organization is vital to the running of any business, and when your workload doubles it's just that much more important. This means long nights and even longer days in the beginning but it will be worth it.
Remember, everyone’s leadership and style of work are different. That means that you might not be able to work with everyone and that is okay! Just because you part ways does not mean that there has to be negativity to follow. If you decide in the future that you will like to bring in another partner, make sure that they believe in your vision 100%. No matter what happens, stay positive and focused!