Business Smoke Break | Dissolving Business Relationships

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Date:
Monday, May 13, 2019

I’m going to steer off format for the Business Smoke Break this month and discuss my experience with letting go of business relationships. There’s a phrase in business that makes a lot of sense – “Hire slow, fire fast.” Problem is that it doesn’t always feel so simple. Especially if a friendship or deadline is involved. Dissolving a business relationship with a friend can be an emotionally charged affair that can leak over and affect the friendship itself. Breaking off a contract when there’s a deadline has its own separate stresses that require careful considerations.

A fair amount of us come from the old school way of doing business on a handshake. If that’s how you’re still operating then it’s time to level up and begin using contracts. Taking the time to have all the expectations in writing, agreed upon, and signed by everyone involved is going to save a possible big headache later. This includes an exit strategy in case things don’t work out. When situations take a turn, feelings run high. Memory has a way of morphing over time. That means that what you each remember may be different when the proverbial doo-doo hits the fan. That’s why you have contracts. If it means spending some money to have a lawyer sort it out for you, then by all means, because, land forbid there’s a fallout. Then you will have a negotiated document stating all the expectations that all parties agreed to.

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