When it comes to business partnerships, there are several advantages. These might include complementary skill sets, dividing responsibilities, tax benefits, and reducing startup costs and risks. Unfortunately, partnerships have some disadvantages as well. Statistics show that up to 70% of businesses fail due to partnerships. After all, drawbacks to a business partnership are;
Due – Due
Conflicting values and personalities
Unequal commitment and workload
Mixing personal relationships with business
Failure of trust
Lack of business or declining
But, just like any other relationship, money matters can also impact the relationship you have with your business partner. And, this is most true if they’re a super spender. Thankfully, there are ways to potentially salvage the relationship — or at least protect you or the business financially.1. Don’t assume.Perhaps you’ve spotted some concerning warning signs about your business partner and lack of financial responsibility. For instance, they make impulsive purchases, rely too much on credit, or constant …
