Q&ACategory: GeneralHow do I deal with a business partner who is leaving in a few months?
Tara Thomas asked 1 year ago

My co-founder decided to quit after about 6 months of working on our business. She feels that she could not commit to it due to financial reasons (we’re not profitable yet and we don’t draw any salary). I prefer that she stays but I can’t stop her. What should I do?

1 Answers
Best Answer
Melvin Wong Staff answered 1 year ago

Hi Tara,

It really depends on your actual situation.
Do you really need her? Sometimes we have business partners who couldn’t contribute due to lack of talent/experience/etc let alone commit. If you do need her, try to persuade her to commit on a parttime basis until your company could support you and her financially. If you don’t, then could you find a replacement? If no, you probably have to work it out on your own for a while until you found someone to replace her. You could consider hiring freelancers or part-timers on hourly basis who could play her original role.

Bottom line is, if you need her, ask her to help in whatever capacity she could until you find someone to replace her. This will be easier for you to continuing running your business. 

I’m unsure how both of you structured the ownership of your company, but if she’s still willing to commit on a casual basis, she perhaps could keep her shares, while you who work fulltime deserves a salary eventually and she doesn’t. Otherwise, I suggest that you buy over her shares at the price she invested. If you don’t have the cash, ask for her permission to pay in installments.

I really hope things will work out for you. And don’t worry about being alone in your business. You will surely find someone new in the future as your business grows.

Melvin Wong Staff replied 11 months ago

Hello Tara,

Just checking in to see if you need more assistance. I hope my answer was useful to you. If you need more help on this matter, don’t hesitate to leave a comment here. Or you may open a new private question.