7 Warning Signs To Watch Out For In A JV Business Partnership

Joint Venture partnerships (also known as JV's) can turbo-charge your business in many ways... especially if you and your business partner complement one another.

For example, you might be cash-rich and time-poor: they might be time-rich and cash-poor. This can be present a win-win opportunity from which you can both benefit.

However, business partnerships are a little like marriages. They should not be entered into lightly and they need to be built on solid foundations of mutual trust, respect and shared values.

Unfortunately, as they say, some 'people come into your life for a season only'. There may come a time when you need to end your business partnership - both for the sake of your own business and your sanity.

Here are seven warning signs that mean you may need to consider your exit strategy:

1. U-Turns
Trust is vital. Even when your partnership is contractually legal, never take anything for granted. If your business partner starts making promises of action, then fails to deliver, or does something that's the complete opposite, it's time to seriously re-consider whether you want to continue working with them.

2. Lack of Shared Values
You may have entered the business partnership with different goals in mind. They might be focussed primarily of making money and you might be more altruistic. You may consider your word to be your oath. You may find that they, on the other hand, are comfortable breaking verbal contracts with others or using marketing strategies which you know to be blatantly false. They might see violence as an acceptable way of dealing with client 'issues' (yes, it does happen) you may oppose this.

3. Bad Mouthing
One person complaining about your business partner, you can ignore. However, over time, if you consistently and repeatedly hear other people complaining about your business partner's shady behaviour or saying they don't want to do business with them, you need to reassess the situation. You really don't want to end up tarred with the same brush.

4. Communication
Are the lines of communication open and honest? Are you in touch with each other on a regular basis? Do you feel comfortable airing disputes or things you are unhappy with? If your requests are met with anger or stonewalling or are simply brushed under the carpet, this is never going to make a healthy relationship.

5. Money Issues
Money issues can be thorny and lead to some of the bitterest disputes. If you have agreed to pay 50:50, or to profit share, with monies received in your bank account by a certain date, ensure that deadlines are kept. You should never have to chase your business partner for monies owed. This is too important an issue to ignore even for relatively small sums of money. If they get away with this behaviour once, chances are they will try the same trick again, but magnified.

6. Bullying
Beware the partner who sends you curt, abrupt or overtly critical emails on a regular basis. Sure, everyone has their 'off' days and a degree of constructive criticism is useful. But negativity on a daily basis can have an incredibly demoralising impact and undermine your confidence. Surround yourself with positive people who treat you with respect. Anyone who treats you otherwise needs to be shown the door.

7. Your Fair Share
Are you doing 90 percent of the work for 10% of the profits? Business partnerships may start off with both partners sharing all the tasks equally. But over time, your life circumstances may change. One of you may have children, get married, have sick relatives to care for or face other life challenges. All these things can impact on your working life. One day you may wake up and realise you are doing the majority of the work and wondering why you're not taking profits equal to the effort you've put it. Again, time for another sharp exit.

Sometimes, it can be an emotionally traumatic time ending a business partnership. You may worry about the loss of income. You may wonder if there is likely to be a damaging impact on your business. In which case, talk through your issues with an independent business coach or expert who can take the emotion out of the equation and see things objectively. Sometimes, breaking up a business partnership can be the best thing that ever happened to you and lead to a whole new world of opportunities that you never dreamed possible!

Stephanie J Hale is founder of The Millionaire Bootcamp for Women, and award-winning author of 'Millionaire Women, Millionaire You'. She specializes in helping women entrepreneurs grow their businesses fast. Sign up for your FREE report '5 Millionaire Tips for Women' and interview with Dragons' Den star Rachel Elnaugh, at: http://www.millionairewomenmillionaireyou.com