Q: My business partner is not pulling his weight. I do all the work while he takes 50 per cent. What should I do?
A: Have a robust conversation about the business, the businesses performance and the performance of each partner. Be specific. This conversation is a great opportunity to agree to responsibilities, roles and deliverables for each of you. In many business partnerships, one person will do a lot of the revenue generation, while the other takes on more of the operational role. More often than not the one putting in long hours to fulfill customer expectations will begin to resent the colleague who appears to have the less stressful or demanding role. Although it may not seem the case, this person is also fulfilling an equally important function of the business. Be sure to clarify and quantify how you each add value to the business.
Measure each other’s contributions by value, not by hours worked. To get the partnership back on track, you need to communicate frequently. Hold regular partner meetings.
Seek professional advice about protecting yourself, the partnership and the business. Having the right structures in place will help if there is ever a serious conflict.
About The Author
Warren Kruger is an Australian Tax Specialist and Advisor. For a FREE Report “7 Essential Strategies to Reduce Your Taxation NOW!”,enter your name and email address in the Opt In Box located on the top right hand side of this article.
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