3 red flags that your business partner could be dishonest
You’ve probably heard the adage, “two are better than one.” This is incredibly true when you are in business with the right partner. With the right partner by your side, you can grow your brand, make profits and realize your entrepreneurship dreams.
But a successful partnership requires you to have faith in the person you are going into business with. After all, how are you going to build a business empire without trust? Here are some red flags to look out for if you suspect that your business partner is being dishonest.
They are sketchy with information
An honest person will at all times be truthful with information. A dishonest person, on the other hand, will seek to skirt around important issues or even lie. This can range from lying about sales, inventory and activities pertaining to the enterprise. Sometimes, they may take to lying to cover up for illegal undertakings at the expense of the partnership.
They won’t be accountable
While signing the partnership agreement, chances are each party was tasked with specific roles in the best interests of the enterprise. This often involves decision-making powers that are backed by facts and due diligence. If your partner is routinely manipulating or misrepresenting financials, making claims that are not informed by due diligence or simply keeping secrets, then you should be concerned.
Making irrational decisions
Risk is part of any business. However, if your partner is jumping into“opportunities” without exercising diligence or even involving you, then this could be indicative that they are putting personal interests ahead of the partnership.
Dealing with a dishonest business partner can be unsettling to say the least. If you believe the person you have gone into business with is untrustworthy, you need to take proactive steps to safeguard your investment and interests.