Breaking a partnership
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Feb 28, 2009 1:48 am
Has anyone been involved in a team or partnership and disbanded it? Without too much detail, my partnership has not been working well and I've been feeling taken advantage of for some months.
Partner tried to force an ultimatum last month, and I would not accept it. After a brief Mexican standoff, we renegotiated and decided to move forward. However, this week, after a significant breach, I exercised the termination clause in writing and will not renegotiate.Any best practice ideas you can share? Anything I should look out for?
I'm taking the high road, doing everything in writing and using only facts and data. I need to extricate quickly, cleanly and I need to move on swiftly.There should be a clause in the contract dealing with the termination of the partnership.
Is there a problem with doing it the way it's spelled out in the contract? Are the partners on OK terms, or is this gonna be more of a bitter divorce type of thing? In my experience, whatever you can work out for yourselves, the better............ Good Luck.......Are you in a wirehouse or another type of firm?
What's the story with your clients? Are they likely to have split loyalties? How much are you each producing right now? Without much more information, the only advice I can give you is to follow your instincts to take the high road, don't be a d**k and WATCH YOUR BACK. One more piece of advice - WATCH YOUR BACK.