Small business partnerships, like any other relationship, can sometimes take a turn for the worse. There can be various reasons for this, such as disagreements over business decisions, financial issues, differences in work ethics or visions, or personal conflicts. When a small business partnership faces challenges, it is important to address the issues promptly and find a resolution.

Here are some steps to handle a small business partnership that has taken a turn for the worse:

1. Identify the root cause: It is crucial to identify the underlying issues causing the partnership to deteriorate. Open and honest communication is key to understanding each partner's concerns, frustrations, and expectations. This can involve having a calm and constructive conversation where both partners can express their thoughts and feelings without interruption.

For example, if one partner feels that their ideas are consistently being dismissed by the other partner, it may lead to resentment and frustration. Identifying this as the root cause allows both partners to address the issue directly.

2. Seek professional advice: In some cases, seeking professional advice from a business consultant or mediator can be helpful. A neutral third party can provide an objective perspective and guide the partners towards finding a resolution. They can facilitate discussions, help identify common ground, and suggest strategies for improving the partnership.

3. Revisit the partnership agreement: The partnership agreement should outline the roles, responsibilities, and decision-making processes within the partnership. If the partnership is struggling, it may be necessary to review and revise the agreement to address any ambiguities or conflicts. This can help clarify expectations and prevent future misunderstandings.

4. Consider restructuring the partnership: If the issues cannot be resolved through communication and revisiting the agreement, it may be necessary to consider restructuring the partnership. This could involve redistributing responsibilities, changing profit-sharing arrangements, or even dissolving the partnership if the situation is irreparable.

For example, if one partner consistently fails to fulfill their responsibilities and it negatively impacts the business, restructuring the partnership by reallocating tasks may be a viable solution.

5. Seek legal advice if necessary: In some cases, the issues within a partnership may require legal intervention. This could involve consulting with an attorney to understand the legal implications and potential options available for resolving the conflicts. Legal advice can help protect the interests of both partners and ensure a fair resolution.

It is important to note that every partnership and situation is unique, and the steps outlined above may need to be adapted to the specific circumstances. Additionally, maintaining open lines of communication, trust, and mutual respect are essential for a successful small business partnership. Regular check-ins and addressing any concerns promptly can help prevent issues from escalating.

References:
- "How to Handle a Business Partnership Dispute" by Nolo: https://www.nolo.com/legal-encyclopedia/how-handle-business-partnership-dispute.html
- "Resolving Partnership Disputes" by Entrepreneur: https://www.entrepreneur.com/article/217282