Business Partnership Gone (Really) Wrong

One of the most common problem areas I see in my practice are business partnerships gone bad, and people coming to me to help them clean up the mess. In fact, this week I met the owner of a fantastic business that was in a heap of trouble because of partners--most of which could have been avoided by better planning at the very beginning of the relationship.

If done correctly, a business partnership can be great a way to grow your company without implementing difficult and time-consuming changes to your business. A partnership can help you increase your market share, gain a new competitive advantage, and help you to respond and adapt more quickly to change in the marketplace.

But, business partnerships can be tough, and getting out of a bad one can be worse than an ugly divorce.

I see problems with business partners so often, I was inspired to write an article called The 10 Most Deadly Mistakes Business Partners Make - And How to Avoid Them.

You may have read about the grizzly murder/suicide that took place in Manalapan, New Jersey back in October. A man killed 2 family members and then shot himself--apparently over a business partnership gone bad.

This is an extreme case, I know, but a poignant reminder of the extent to which partnerships can go bad and the need to carefully plan the relationship in advance.