You and your partner likely went into business together because you share similar goals and visions, but that doesn’t mean that you’ll always see eye-to-eye. When partnership disputes arise, it’s critical to think about the needs of the company so you can do what’s best for it.
One of the first things you need to do is to review the operating agreement to determine if there are any terms that apply to the dispute. Once you do that, you can use these steps to help you resolve the dispute and keep the company protected.
Stick to private discussions
Partnership disputes can lead to an uneasiness with clients, employees and others who have a stake in the company. Because of this, it’s best to have discussions about the dispute in private. If input from anyone outside of partners is needed, it should be obtained with strict confidentiality requirements so others won’t be privy to the information.
Listen actively
Remember that active listening is the key to resolving partnership disputes. It’s likely that either you or your partner have experience with the area of the dispute. Listening to what that person has to say about their position is a good first step. From there, both partners should be willing to negotiate and compromise to do what’s best for the company.
Partnership disputes must be handled carefully because they can make or break a business. In some cases, legal action may be required to come to a resolution. Working with someone who can assist with this process is beneficial since it provides another set of eyes on how various options may impact the company.