The EntreLeadership Podcast We’re Getting Screwed by Our Business Partner
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Sep 2, 2024 Dive into the drama of business partnerships where one partner does little but reaps the rewards. Unpack the moral dilemmas of offering financing and the potential pitfalls it brings. Discover the signs that your company might be growing too quickly, and hear about a son’s struggle to be heard by his father in business discussions. With practical insights on maintaining quality and navigating family dynamics, this conversation is packed with valuable takeaways for entrepreneurs!
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The Tourism Business Dilemma
- Joshua, in the tourism business, asked Dave Ramsey for advice regarding a problematic business partnership.
- His partner left the business during the pandemic but retained one-third ownership, now causing issues with their growth.
Close and Reopen
- Close the current business entity and open a new one with a similar structure.
- This allows Joshua and his brother to continue without the inactive partner.
Buyout or Bust
- Offer the former partner a small buyout amount to avoid legal battles, but be prepared to close and restart.
- Make it clear that his inaction invalidates the initial agreement.