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Quick Business Tip – What happens to business owners after a business partnership ends

Wednesday August 16, 2017

What happens to business owners after a business partnership ends

The most common thing I find when a business partnership ends is that the remaining business owner first takes a sigh of relief, but, very soon the feeling of isolation creeps in. Some of the habits acquired during the partnership were to rely on the other person to do certain things and have the power to brainstorm with them. Even dump on them their frustrations. That, all of a sudden is gone. There is a massive void left. At this stage there is absolutely no desire or temptation to get into another partnership because the belief in partnerships is at an all-time low.

This is where a business coach comes in. I have coached a great proportion of my clients who have come out of partnership situations. Statistics show me that it takes a minimum of 8 months post a business partnership split for the now solo business owner to come to the realisation that this individual does need to work with someone and that a business coach is the perfect solution. A knowledgeable and experienced coach is of greater value to the business owner than a business partner. Here are the benefits:

  1. Not splitting the profits with the business coach compared to with the business partner
  2. Gaining far all rounded business insights from the business coach’s leveraged knowledge
  3. Learn from benchmarking against other businesses
  4. Have the ultimate in brainstorming opportunities
  5. Not being stuck with the business coach compared to the onerous contractual obligations with a business partner
  6. Being able to be far more honest with the business coach
  7. Being able to have spirits lifted, something that would not be provided by the business partner

Ironically, almost everything that is sought from getting into a business relationship with a business partner can be achieved by having a relationship with a business coach at a fraction of the cost. Even the need to get funding from a business partner can be brainstormed with the business coach and achieved to ensure that this would not be the main reason why someone got into a business partnership and then begrudgingly part with the sharing of the profits.

Don’t get me wrong, I don’t aim to split business partners, quite to the contrary. I help them work together better than ever. If that doesn’t work, we aim to resolve the issues in an amicable way and I become the facilitator. In a worst case scenario, I would assist through facilitation the parting of the partnership.

However, as mentioned earlier, I do get to coach a lot of post business partnership individuals and they get enormous satisfaction in this format of arrangement to help them grow their business and enjoy their life around it through better time management and profitability from the outcomes we achieve. I see happier individuals who get to spend far more time holidaying with their families. As I write this, I notice on Facebook a number of my clients on trips in Europe at the moment and for some of them, that was only a dream when we first met. What is your dream?

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