How can I fire my business partner?

I have a business partner. But we do not have any legal agreements binding us. How do I fire him or her? Never again

I have a business partner. But we do not have any legal agreements binding us. How do I fire him or her?

  1. Never again enter into any business relationship without a legal agreement. Without one, the presumption is that you had one. Because it is your word, against theirs. A good agreement provides for entry, expectations from either side (objectives of the partnership), exit conditions, and redress in case of any disagreement.
  2. Without an agreement, review the value addition of your partner. Are you tired of him or her due to poor performance or no effort at all? Have they failed at their part of the bargain re Gentleman’s or Woman’s agreement? Would an independent party find your partner in the right or wrong?
  3. Good leadership recommends that you set a meeting with your partner and tell them how they have failed to meet your expectations. List all the points. And that you want out. Hear them out. Know their challenges and reach an amicable position. If you fail, seek the arbitration of a senior person respected by both of you. If that also fails, proceed to 4.
  4. The easiest way to fire a partner who is not active in the undertaking or business is to keep them in the darkness. Do not give them updates about the good things. Just forward to them the emails about demand notices for overdue bills, intention to sue notices, etc if they indeed exist. Do not create these if they are not there.
  5. If that fails, explore the possibilities of seeking legal redress. It could be a long battle, but it is always good to try all options.
  6. If all of these options fail, resign, and go start all over again. It is better to work with people you can agree with than folks that give you a headache as they take all your passion for granted.

#Stay home, stay safe. If you are to move out, wear a mask NOT as a chin guard!

Copyright Mustapha B Mugisa, 2020. All rights reserved.

 

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