When Business Partners Part

It could happen to you. Plan for it now instead of despairing later. ” ‘Til death do us part,” go the marriage vows, and business owners often feel the same way. They go into business with another person thinking it will last forever. Or maybe they’re not thinking about the end game at all. Either way, they’re merrily humming along until . . . something happens. A partner dies. Becomes disabled. Cheats. Steals. Wakes up one morning at 49, pregnant with twins. Or maybe you simply don’t get along anymore. When that “something”–that partnership-disintegrating event–occurs, you want to be prepared. In advance. By the time it comes it’s too late to scramble for an exit plan. Emotions ride high. Profound feelings of loss, betrayal, guilt, sadness, anger, frustration, resentment–even the desire for retribution (sound like divorce court?)–swirl about a dissolving partnership. And when emotions rise, intelligence plummets. We’re not thinking at our rational best when we’re also entertaining murderous fantasies about wrapping our fingers around our partner’s throat. Thus, it’s vital to have a business ownership…