Being an entrepreneur is challenging by itself and if you are in a partnership, the situation becomes all the more complex. In a partnership company, the competency and compatibility of both the partners are very important as there are professional as well as emotional factors involved, which if it is strong, the company and the start-up can reach great heights in a very short span and goals can be achieved easily as all the founders will have the same vision.
However, if there are differences in opinion, difference in the way the company should grow, or your co-founder is simply NOT COMPETENT, there would be problems that can lead to much bigger issues and the separation or the breakage of partnership is inevitable. In such cases, asking for the departure of the co-founder who is making things messy for everyone as well as the company is a good idea, as in the otherwise case, frequent interruption in the business mechanism can lead to the overall problem with the business stability, profitability, sustainability and growth.
Now, if you are thinking how you should ask the co-founder to resign and leave the company in a polite and gracious manner, so that things do not get messy any further, then read on. First of all, try and make your co-founder understand that his ways and ideology is doing a lot of harm to the company and in his incompetency has caused severe losses to the company, or prove any such negative facts that showcases and highlights his incompetency. The facts and proofs will help him understand that there is a solid reason and backing behind the request to resign and no logical explanation is strong enough to retaliate as the growth and success of the company is of primary importance and everything else comes after. Do not forget to appreciate his love for the company and his association so far with the venture. Try to elaborate clearly on the reasons which have forced you to ask him to dissociate with the company. Show that his level and standards are not working very well for the company or your partnership and that it requires much more than that and that is why, his resignation would help the company, which is very much his dream as well, to move forward in the right path. Tell him that the goals with which the company and the venture was started would only be able to reach where it is destined to if he/she is able to resign and remove the hurdles, which so far might have been caused by him/her. Assure him respectfully that his association with the company on the moral grounds will always be there and his advice and suggestions would always be looked upon as valuable and welcomed.
You can offer a reasonable compensation to your co-founder to sell his share of the company to you. It would sound as a problem for you now but it’s better than leaving your dream or worse, seeing it die in front of you because of the incompetency of your partner. Consulting a lawyer before taking a step ahead is crucial to avoid any legal complications in case the co-founder wants to take the matter to court. However, it is natural that the founders didn’t want to separate or split while starting the company so the best way is to solve the issue mutually and respectfully, rather than creating a scene and associating the company with scandal or black patch, when working hard for the company’s success is more necessary than solving these issues.
Read also: Top 5 Reasons Why Startups Fail
Article contributed by Startup Jobs Asia‘s Team.
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