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.
The mission of EDAC is to connect budding & existing entrepreneurs to resources for venture management & growth.