My business partner and I started a business over five years ago. We both have agreed that we have come to the end of the road of our partnership. What advice do you have regarding ending a business?
First things first: I am not a lawyer. You will want to seek legal assistance in resolving any legal disputes and entity dissolution. The following tips that I will share are for informational purposes only.
Now that the legal language is out of the way, consider these tips to dissolve your entity:
Attempt reconciliation. Sometimes business owners need a third party to intervene so that the parties can hear each other. I’ve worked with entrepreneurs who engaged the help of a meditator to resolve complicated issues between business partners. To locate a mediator near you, check out mediate.com/businessmediators or your local area bar association at http://bit.ly/barassoc. If you and your business partner do not feel that’s a possibility, then other measures are needed. Keep reading.
Whether your are just starting out or have been on the journey for years, there are some unique challenges faced by entrepreneurs. Consider these tips to help you plan for challenges:
The challenge: “Can I do this?” “What if I fail?” “Will I have support?” are just a few questions that come to mind when I hear self-doubt from people who want to be entrepreneurs or who are entrepreneurs. Yes, leaving a full-time or part-time job can be daunting — just like working for a corporation where they decide to lay off an entire department.
EDAC Director & Intrapreneur spoke to students at the ASCEND Center for Biomedical Research's ASCEND Scholar Orientation. He shared his personal entrepreneurial story, what entrepreneurship is, creating an investment portfolio while still in school, and received questions from participants around entrepreneurship. He also shared how students can utilize resources from the Entrepreneurial Development & Assistance Center to help with their entrepreneurial journey.
For more information on the ASCEND Program:
Jocelyn Turner-Musa, PhD
Chairperson, Department of Psychology
Director, ASCEND Scholars Program
Director, REACH LAB
Morgan State University
Martin Jenkins Hall
Behavioral and Social Sciences Center, Room 226-H
1600 Havenwood Road
Baltimore, MD 21218
The mission of EDAC is to connect budding & existing entrepreneurs to resources for venture management & growth.