That agreement can specify how the partner may get out of the deal, how to sell or trade their position, or how the other party can buy you out.Īnother reason to tread carefully when considering turning a personal relationship into a business is that it can affect more than just the couple. "Nobody ever goes into a relationship expecting something to fail, even though it's an uncomfortable conversation upfront, you have to anticipate, if this doesn't work, how do I get out? And you want to make sure that you have a clear path to exit." "I'm not a big fan of prenups in relationships, but I am a big fan of prenups in partnerships," he said. In fact, one of the biggest failures in small businesses is the lack of an exit agreement, Lemonis said. If it's not salvageable, there needs to be documentation in place stating how you get out of that partnership. And make sure that all the partners understand and sign off on all the decisions that are being made so that you don't get into the blame game of he said and she said. A better understanding of what decisions are being made. "My advice to people who feel like they're in a relationship or a partnership that's falling apart is better communication, more frequent and more in depth. If you do those three things, the relationship will come back together when the results do."īut if you must combine business and pleasure, make sure there's communication and collaboration on decisions, Lemonis said. If you see that happening, the only way to fix it is to get very focused on the prize, which is taking care of the results, taking care of the customer and taking care of the employee. "I always tell people to stay away from partnerships that involve family or friends, because when the results start to suffer, things fall apart very quickly. When the business is underperforming, it can lead to partners' mistrusting each other, challenging each other's philosophy and questioning how much time, effort and money the other partner is putting into the business. The minute the business starts to not perform or not deliver the results that are expected, people start to question each other." "When money's pouring in and the results are great, everybody's happy. Certain telltale signs indicate trouble is afoot in a partnership, Lemonis said. Clearly business partnerships when in a personal relationship can be a volatile arrangement, and they're not always successful.
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