Jack Mencini and Adam Sonnhalter of Maximum Value Partners comment on an email question about the timing of splitting from your business partner. On their show, Dirty Secrets of Small Business, they discuss that if an owner is starting to bring up the question of “How do I know when it is the right time to split from my business partner?” it is probably because you have been thinking about this for awhile and things have escalated to where you need to do something for the health of the business.
To get to the solution and plan for splitting from your business partner, the coaches comment that you have to look at the parties involved. If the situation comes from the partnership with a husband and wife or a brother and sister, who are in business together (or any sibling partnership), or another family relative like a cousin or even a good friend who is with you in the business, each dilemma will be handled differently. Jack and Adam have counseled and coached many small business owners in how to best handle each of these unique situations and do it in such a way that perhaps will save the business, the marriage, the friendship and keep the relationships going after one of the parties walks away to pursue another career.
For the entire overview on how to know when it is time to split with your business partner, listen to the January 16th podcast. Access all the Dirty Secrets of Small Business podcasts on iTunes or here.
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to firstname.lastname@example.org or submit a question on their web site at by following this link. Many of the How Questions can also filter back into the 7 Keys to Success to help you deal with these questions.
If you have a success story or a question you would like to share, email or call (email@example.com or 877-849-0670). You can also call in during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches!