How to End a Small Business Partnership – Small Business Show 174

What happens if your Small Business partnership fails? What is the best way to handle ending a partnership to avoid a major battle and to keep your focus on the continued success of your company? Join us today on the Small Business Show to hear how Shannon Jean and Dave Hamilton have ended partnerships without destroying friendships, finances and entire businesses.
So, you’re a regular listener to the Small Business Show, followed our advice and created your own reality with a thriving business and have started to live a Charmed Life when out nowhere, your business partner begins to lose interest and stops managing their part of the business. Despite your best attempts to fix the problem, you’ve come to the conclusion that ending the partnership is the only way to save your Small Business. How do you proceed?
On this episode of the Small Business Show, we discuss some creative ways to end a partnership while respecting all parties involved.
Listen in and then visit the Small Business Support Group to comment and share your own tips!
Chapters/Timestamps

00:00:00 Small Business Show #174 for Wednesday, June 6, 2018
00:01:43 “Almost halfway there”
00:04:35 Creating your own reality
00:05:01 “You’re almost finished!”
00:05:36 About our sponsorships, and benchmarks of success
00:07:33 SPONSOR: Simple Contacts – Get $30 off at https://simplecontacts.com/sbs or enter SBS at checkout
00:09:22 SPONSOR: GoDesignerGo.com/SBS – SBS50
00:10:54 end sponsor block
00:10:54 Ending a partnership
00:12:43 Don’t skip the Working Agreement
00:14:03 Approach is everything
00:15:06 Make the business and the end of it real
00:18:25 Side business can suffer lack of attention
00:20:00 Find an internal mediator
00:20:34 Separate personal loyalty from business loyalty
00:23:34 Don’t carry animosity
00:25:15 Work on it together – “Same side of the table”
00:27:30 Before hiring an attorney, talk through an earn out
00:31:28 The value of walking away for $1
00:33:41 Communication is key
00:36:14 SBS 174 Outtro – [email protected]

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