How to Walk Away from a Terrible Deal with Potential Partners
When you decide to partner with a potential investor, you have to agree on every detail. Of course, you have to convince the potential partner to invest in you. However, even if you seem to be a perfect match, there could be disagreements along the way that will stop you from pursuing your partnership. If you decide to walk away from the deal, these are the things you need to do.
Be sure about your decision
Before you decide to walk away, you need to be certain of your decision. You don’t want to regret it later because you decided at the peak of your emotions. Weigh the pros and cons before you decide that you have to leave the deal.
Be polite and diplomatic
Investors and business owners run in circles. If you didn’t end up pursuing a partnership for now, doesn’t mean that you can’t have anything in the future. Therefore, you should end in good terms. Make sure that you remain respectful and polite even if you already declined the partnership. Besides, these investors also have connections in the industry. You don’t want to lose other potential partners because you didn’t end well with one.
Provide your reasons
It’s not enough to simply walk away from the deal. If possible, try to provide your reasons. In crafting a response, try to be diplomatic. Avoid saying that you wanted to walk away because you don’t like the person you’re talking to. It should stay as a business deal, and have nothing to do with personal differences.
Open doors for future collaborations
You can end the conversation by saying that even if you didn’t pursue the partnership for now, you are still open for collaboration in the future. Again, you don’t know what will happen next. Also don’t know if there are other aspects that you can agree on in the future.
Never pose any threat
Just because you didn’t have a wonderful partnership now doesn’t mean that you will be at odds with each other forever. Try not to pose a threat. You don’t hold all the cards. Learn to be humble. It doesn’t matter if you feel extremely confident with the direction of your business. You’re looking for an investor, and you need to be humble enough to acknowledge that you need someone to fund you.
Not all potential partnerships and well. There are times when you have to walk away from the deal, and it’s natural to do it. You need to decide what’s in the best interest of your business. You can pursue a partnership with someone whom you don’t think is the perfect fit for you. The good thing is that there are other potential investors out there. You need to keep searching until you find someone whom you can work with.
Photo Attribution:
1st and featured image from https://www.personalbrandingblog.com/wp-content/uploads/2019/06/Business-Deal.jpg 2nd image from https://www.inc.com/nicolas-cole/6-ways-to-spot-a-bad-business-partner.html
