Like a marriage, no one goes into a small business partnership planning on getting divorced. Yet, inevitably, some unions are not destined to last. We’ll leave those details to the lawyers.
Here, we’ll focus on your customers and employees who may be affected when a business partnership ends, but the business goes on. Dissolving a partnership will not be an easy time, and there could be plenty of behind-the-scenes stressors. Those should never be experienced by your customers or employees.
Here are some helpful tips when the going gets rough:
Preparing to part ways. This can be particularly difficult when both parties are the “faces of the business.” Your customers have come to know you both, and your employees, too. Reach an agreement about how these parties will be told the news. Set dedicated time aside to discuss appropriate details with your employees. And think it through about how you want your customers to hear or read the news, so it won’t affect your bottom line.
Spin it positively. No matter how tense your parting may be, this is not the time to air grievances. Come together beforehand to note the upside of the business, the importance of employee and customer satisfaction, and then stick to the script. No whispering down the lane, as one person with the real back story will be gossiping around town in no time.
Listen to feedback. Naturally, customers and employees will have concerns. Listen patiently as they may offer advice or information that could help the business move forward during this difficult time.
Part on a high note. Of course, you’re sorry the collaboration didn’t work out, but Joe or Joan is now off to a new opportunity or location or both. Whatever they are going to do next, your parting note is that the business wishes them the very best for success in their new venture.
There are so many variables that can occur when operating a small business. Keep in mind that you can always to turn Biz2Credit for all your small business refinancing needs. Call us at (800) 200-5678, or visit us online at www.biz2credit.com.