There are many reasons partnerships go awry. Causes range from differences of opinion over business goals and objectives to financial considerations, or just plain dysfunction in the relationship. While the reasons are often varied, the actual breakup does not have to be devastating to either party. In fact, you can dissolve a partnership and arrive in a much better place afterward, where your business is well positioned to thrive. Here are some ways to do it:

Leading up to the dissolution

It is critical that you are prepared for key discussions. Planning your communication ahead of time can help avoid any or all discrepancies.

• Know the laws regarding partnerships and how they impact a split.
• Identify the areas of agreement first, whether they are clients, assets, profit sharing, etc.
• Hone in on the sticky points, which can be a give and take process. To get what you want, you might have to be willing to be generous in other areas.
• Have a plan for communicating the split to clients and customers.

After the dissolution

Often times after a split, you might initially find yourself in a period of having less resources than before. This is where it can be important not only to understand your core strengths but also to focus on them and make them the foundation of your business plan moving forward. It’s often better to specialize than to try to be all things to all people.

For example, in my case, my former partner and I had a law practice that had handled a wide range of legal matters for personal and business clients. As we were negotiating the split, it was crystal clear to me that my future focal point should be in family law. I had a strong client base in this area and a passion, and honing my offerings clearly presented future opportunities. It worked well. Today, my practice is thriving in family law, and I have brought on multiple attorneys who also practice in this area.

Although splits can be difficult and sometimes emotional, remaining focused is key. Know your rights, stay true to your needs and purse a new focus area that best leverages your specialties. A split should ultimately be a positive decision and new direction for your business.