A business relationship, as like any other relationship, will have its ups and downs – and if you’re part of a co-owned business the stakes are raised.
Personal human issues can soon bleed into financial and business outcomes, which is not good news for anyone. Resultantly, there is more legal work managing litigation and disputes in these businesses than there is in setting the right foundations in the first place – and a lot more stress and cost too!
But the old adage is true: prevention is better than cure.
There are a number of factors that can cause tension between business partners, including perceived in-equality of contribution, funding or differing expectations or opinions on the future of the business – all of which can negatively impact the operation of the business and those in it. Ensuring the right mechanisms are in place early, including clarity around expectations and goals before entering into a relationship, can reduce the risk of conflict and lead to a more functional and profitable business.
Therese Barry, Strategic Consultant and Psychologist, joins us for the final episode of Season 3, where we look at co-owned businesses; exploring what elements business owners can put in place to help protect their stake in the business, as well as how to navigate and manage the emotional and mental strains of a business break-up or other dispute.
*Please note that any strategies discussed by Martin and Ed are general in nature and do not take into consideration any of your personal circumstances. You must seek individually tailored advice to ensure you properly address any issues you may have around your business.