Your business partner betraying you may feel like a heartbreak since they would have essentially violated the trust you placed in them. And betrayal can happen in different ways. You may discover your business partner is stealing from the company, sharing company secrets or not performing their duties.
Your response to such issues is crucial. You don’t want to make moves that can negatively impact the business.
If you experience such betrayal, consider the following steps:
Talk to your business partner
Before taking further steps, talk to your business partner to obtain more information about the issue. But why would you give someone who has betrayed you a chance to tell their side of the story?
One, the matter at hand might be a misunderstanding. Talking to your business partner could clarify it. Further, doing this may provide you with adequate information to determine the best way forward.
Lastly, facing your business partner may be beneficial, as you will get a chance to communicate your feelings and concerns.
Gather evidence
It’s vital to have solid evidence, as legal action may be necessary. If your business partner steals from the business, document the irregularities in the company’s financial records. If they share company secrets, get letters they sent to other parties or any document you can legally acquire, and so on.
Additionally, assess the damage caused by your business partner’s action and document it.
Reread your partnership agreement
Every step you take should be in accordance with your partnership agreement. Breaching the contract can disadvantage you. Reread your contract to know the actions you can take.
Betrayal from your business partner can lead to financial loss, and damage to your reputation. Consider using the free consultation offered by Zarco Einhorn Salkowski, P.A to understand your options.
