3 alarming signs from a business partner
While you may have done due diligence to enter into a partnership with a reliable partner, they may change in the future. They may exhibit characteristics you didn’t see before, which can potentially harm the business.
Below are three signs to be concerned about:
1. Less dedication to the partnership
You should be alarmed when your business partner becomes less dedicated to the partnership. For instance, they might no longer be interested in performing their responsibilities, fail to attend meetings, don’t contribute as much effort as before to the company and make major decisions without consulting you.
It’s vital to talk to them first. Your business partner may be going through a personal life change that limits their ability to participate fully or causes them to lose interest in the partnership. Or their priorities may have shifted.
Understanding the reason for the behavior change soon can help you make informed decisions.
2. Elusive behaviors
Chances are your partnership agreement includes details about communication – how often you need to keep each other updated and the communication channels to use. If your business partner no longer observes this clause, meaning they don’t want to communicate with you, they may be hiding something.
Accordingly, you may be forced to ask questions about their responsibilities or the departments they manage, to which they may give vague answers. In some instances, they may even become defensive, questioning your intention for trying to obtain information from them.
3. Unexplained lifestyle changes
If your business partner has unexplainable changes in their lifestyle, perhaps they all of a sudden start making luxurious purchases, you may need to be concerned.
Your business partner showing these signs can be serious. They may be engaging in conduct that can result in significant losses. Consider getting legal guidance to protect yourself and the business.