Wednesday, November 22, 2006

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.


Anonymous Anonymous said...

Mr. Furnari, I'm an accounting student learning about partnerships. Thank you for this contribution, your advice is concise, true, and best "free". Thank you,
~UMass student

5/15/2007 2:17 AM  

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