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Breaking Up Is Hard to Do

Carole Switzer | June 23, 2014

Paul Anka crooned, “Breaking up is hard to do” as he begged his love not to leave him in one of his most famous songs, but alas, we all know that relationships often come to an end.

By contrast, management guru Peter Drucker cautioned “begin with the end in mind,” and even though it isn’t as romantic a sentiment, it is good advice whenever you enter into a new business relationship.

Call it an exit strategy, a transition plan or a pre-nup—whatever the title, it’s best to begin by planning for the end which, in the case of business at least, will always eventually come. Whether due to contract completion or material breach, turning over responsibility to another party, or abandonment of the contracted activity altogether, contract termination is an inevitable phase in the third-party relationship lifecycle. 

As many risks as there are in the active phase of a third-party relationship, there are some that remain and also new ones that arise when the relationship...

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