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The characteristics of the wrong business partner

On Behalf of | Jun 14, 2021 | Partnership Agreements And Disputes |

Working with a partner may be an effective way to ensure the survival of your Texas business. However, there is no guarantee that your partner is going to be able to help your organization achieve its goals. A lack of communication skills, an inability to take responsibility for their actions and talking poorly about others are all signs that you’re likely collaborating with the wrong person.

Poor communication can lead to costly mistakes

Ideally, your partner will let you know that they are looking to hire a new employee, are taking on a new client or are applying for a bank loan. At a minimum, this allows you to voice any concerns that you might have before any of those things can happen. Having the chance to voice these concerns may convince your partner to change course before doing something that could financially hamstring the firm for years to come. Furthermore, good communication between owners can reduce the risk of a partnership dispute.

A lack of accountability can hurt your brand

Generally speaking, business owners serve as the face of their brands. If your partner isn’t accountable for his or her actions, it could result in a lack of trust for your company’s brand. Your firm may also experience a loss of goodwill if other owners talk poorly about its customers or anyone else who lives in the community that your business serves.

If you are engaged in a dispute with a business partner, it may be a good idea to speak to an attorney. An attorney may be able to review the terms of a partnership agreement as part of an effort to help you obtain a favorable outcome.