Partnership issue

[Peterlight]

My brother and his best friend started a game house business back in the year 2012.

When the business started, it was very successful and both friends were happy together until recently, his friend started lavishing money and the business started going down.

Since the beginning of this year, the sales went down and because of the pandemic, they had to close down the business and I know you could imagine how it will feel like.

Somedays ago, my brother friend came to tell my brother that he doesn't want to continue with the business anymore, that he needs his share.

Please how do we solve this issue?

 

[Trexxxy]

It depends on the type of business model they are running. However if your brother doesn't want him to quit ,then he should try and convince the friend to stay and if the friend insist on a dissolution, then he can leave.

 

[Alexandoy]

If one partner, for any reason wanted to dissolve the business then the best move is to close the business and divide the assets. That happened to my brother sometime in 2005. His partner wanted to go solo so my brother acceded and they just divided the assets. At least it was a civil separation with no hard feelings. Maybe the partner of your brother is into something like gambling or excessive luxury.

 

[GeneBiz]

My brother and his best friend started a game house business back in the year 2012.

When the business started, it was very successful and both friends were happy together until recently, his friend started lavishing money and the business started going down.

Since the beginning of this year, the sales went down and because of the pandemic, they had to close down the business and I know you could imagine how it will feel like.

Somedays ago, my brother friend came to tell my brother that he doesn't want to continue with the business anymore, that he needs his share.

Please how do we solve this issue?

It seems to me that your brother's friend is taking a rather disloyal attitude ... however the resolution of this problem will depend on the agreement they reached in the beginning ... This is why I think that business and friendship or the family do not mix, the familiarity is bad for every business

 

[Josemendez]

My brother and his best friend started a game house business back in the year 2012.

When the business started, it was very successful and both friends were happy together until recently, his friend started lavishing money and the business started going down.

Since the beginning of this year, the sales went down and because of the pandemic, they had to close down the business and I know you could imagine how it will feel like.

Somedays ago, my brother friend came to tell my brother that he doesn't want to continue with the business anymore, that he needs his share.

Please how do we solve this issue?

Since they both contributed for the business , the one that is still interested can pay off the monetary equivalent of the equipment to the friend or try to convince him to continue with the business

 

[Kamon c4]

It’s very simple. Gather the necessary documents revealing the terms and conditions of the partnership. If it’s a limited liability company then make accounts for all the money he’s spent lavishly and that’d a part of his share. Involve your lawyer and find a mutual ground for dissolution of business and if he’s adamant and doesn’t accept the offer. Let the court settles it

 

[Ralphjoe]

Now, am revisiting my stance on partnership on seeing this issue. This is actually not a well structured and formal partnership, That's why they are having this issue, a well structured partnership will have an agreement deeds that carries the full weight of the law and no partner will act funny or contrary to the agreement in the partnership deed.

 

[tuna89]

Whatever is left to be shared can be shared, this is one of the reasons I detest partnership in small scale businesses. You rarely are able to find a partner who is as trustworthy as you are or a partner who is ready to stick to the laid down plans, budgets and strategies of the business.

Lastly, a reliable partner is he who can flow with you whenever business is rosy and whenever there are losses or downfalls in business. The solution is to let him go with his share, then restrategize.

 

[Sariana23]

I always recommend when you are going to start a business between friends, family or couples to do it with legal documents, otherwise do it alone. To avoid these consequences that can be avoided from the beginning. The most advisable thing is to distribute the assets according to the investment and retire, that this serves as experience so that you do it better the next time.

 

[Golden_ear]

That is the more reason why I don't like partnership. There is always misunderstanding and it makes the business to depreciate with time. That is why I always advised most of my friends not to go into business with any body. And if they have the reason to, they should be very careful.

 

[WhiteHouse]

The most ideal approach to endure is to adjust. Individuals are as yet carrying on with their lives and burning-through items and services, simply various items and services and in an unexpected ways now.

Perhaps you can adjust your business to a conveyance or online model. Cut back the excess, however be happy to put resources into new innovation or new techniques.

Likewise with any business, sort out what individuals need and aren't getting. How have individuals' necessities and propensities changed and how can that influence your business? How might you give something that will guard your clients or make it more agreeable to remain at home more often than not?

 

[chicnthin]

Partnership is so complicated. I would rather go alone as sole proprietor than split every decision I make with my partner. In this case, if it is decided to not continue the business then they should divide their assets. However, if they can still be convince to continue, they should innovate their business to adapt with changes and make improvements.

 

[Ridorz]

Starting will determine the end. That is the reason I hate to collaborate business with someone. But the only thing that I want you to advise your brother is that you should first ask him if he still has interest in the running of the business? If he say yes, them tell him that they estimate all the equipments amount that been in the shop and divide the amount into two. So, your brother should pay his friend off and continue with his business.

 

[Farhan Aslam]

My brother and his best friend started a game house business back in the year 2012.

When the business started, it was very successful and both friends were happy together until recently, his friend started lavishing money and the business started going down.

Since the beginning of this year, the sales went down and because of the pandemic, they had to close down the business and I know you could imagine how it will feel like.

Somedays ago, my brother friend came to tell my brother that he doesn't want to continue with the business anymore, that he needs his share.

Please how do we solve this issue?

Such problems occur in every way in business. But if we manage the business well and deal fully with our partner then our business will not be able to stop. These problems can arise when we start a business with a partner, even if he is your brother, but the best way to reduce it is complete dealing. This will reveal what you and your brother do inside the company.

 

[Pousinha]

You said your brother's friend lavished money. Does he keep on this attitude? I wouldn't trust a partner that lavishes money, I would not begin a partnership in a context like this

 

[vest1992]

My brother and his best friend started a game house business back in the year 2012.

When the business started, it was very successful and both friends were happy together until recently, his friend started lavishing money and the business started going down.

Since the beginning of this year, the sales went down and because of the pandemic, they had to close down the business and I know you could imagine how it will feel like.

Somedays ago, my brother friend came to tell my brother that he doesn't want to continue with the business anymore, that he needs his share.

Please how do we solve this issue?

Give the guy his shares, easy under the law and the contract they had between them he is obliged to pay the guy his part of the assets. Even though with the situation in the world.

 

[Adeyoola7]

Different management styles don’t have to be a big problem. Some partnerships take on parental dynamic: one is a disciplinarian who is task-oriented, slightly distant and intent to get things done. The other is laissez-faire, relatable and prioritizes a ''chill'' companyculture over a well-oiled machine. In the best case scenario, one lays down the law and keeps the ship on course, while the other keeps employees happy.
Unfortunately, sometimes this backfires: the taskmaster might be tired of having to manage her own business partner; the other might feel overwhelmed by having to be a boss. Or, both partners might be pure “idea people” unaccustomed to telling others what to do and unable to step up to the plate, or they might both be highly disciplined control-freaks. This is a difficult problem. It takes time and energy to establish a balance.

 

[TheKing]

The only way to get the two friends together and running the business is to call them and let them know the reason why they need to work together and keep the business going

 

[Niftyyem]

Allowing sentiments where business is involved will most times in the long run harm the business. The fact that they are best friends should not have stopped them from making every thing legalized and put down in fine print. This would have helped your brother's decision in this situation.

 

[Presido]

He has no option than to give him his share because there should have been an agreement between both partners before they started the business