Going into the construction business with someone, whether it's as a developer, a builder or an investor, can be likened to a marriage. You spend almost every waking hour together, you make decisions together, and when one partner makes a bad decision, it can affect both of you. Many partnerships start as friendships or family relations and end in turmoil. And for good reason; running a business is tough and can test even the strongest bonds.
With that in mind, here are a few things you can do when your partnership is on the rocks:
- First of all, you need to determine if the relationship is salvageable. Take a hard look at the situation and figure out the real reasons you are ready to end it. By breaking things down, you may realize that you can mend your fences.
- Running a business can keep you both busy, but it's important to sit down periodically and ensure you're on the same page and you both want the same thing for the company. Sitting down together can bring up issues that can be resolved before they get too big.
- If the issue involves illegal actions like fraud, theft or cheating, you want to nip them in the bud before it endangers the entire business.
Here's where an attorney can act as a therapist of sorts. He or she may be able to help you come to an amicable agreement that keeps you and your business thriving. However, if things are completely beyond repair, an attorney may be able to advocate for you in litigation and ensure your interests are represented.