You’ve come a long way since initially forming your company. Each year, the business has continued to expand. This has included developing your team and enlisting the assistance of a business partner.
A business partnership can have numerous benefits, such as sharing responsibilities, playing to one another’s strengths and bringing in more investment. However, there are some potential drawbacks if you and your partner have a dispute.
Disputes can happen from time to time, but what’s important is how they are resolved. Outlined below are a couple of tips that may help you resolve conflicts efficiently.
It starts with communication
Maybe you and your business partner have different strengths, weaknesses, and the occasional difference of opinion. You may be intent on taking the company in one direction and your partner wants to go another way.
In situations like this, it’s important that communication remains respectful. If possible, both of you should try to put personal feelings to one side and really analyze the validity of each position. Leaving emotions out of it will give you a much better chance of resolving the issue.
A clear conflict resolution strategy
If you can get the lines of communication flowing early, that’s a good start. Nonetheless, it’s also beneficial to have a conflict resolution strategy in place. This is something that can be added to your partnership agreement.
Generally, partnership disputes can be resolved, but this isn’t always the case. There are times when the partnership may need to be dissolved. Before taking any concrete steps, be sure to have legal guidance behind you.