When you go into business with a partner, you do your best to protect yourself. For example, you enter into a contract that clearly outlines the responsibilities and legal rights of both individuals.
But even if you take the right steps up front, you could still face a partner dispute at some point in the future. Should this happen, you want to resolve the issue as quickly as possible to ensure that it doesn’t weigh down your business and personal life any longer than it already has.
Here are some tips that can help you resolve a business partner dispute:
- Review your contract: It may include language related to the cause of your dispute, at which point you can address it with your partner. In many cases, this is all it takes to clarify the dispute and move past it.
- Keep your emotions under control: Even if you have every reason to believe that your partner is harming your business, you must keep your emotions under control and never rush to judgment. The last thing you want to do is say something you don’t mean or do something that you’ll regret.
- Hear each other out: The two of you should sit down and hear each other out. By telling your side of the story and listening to your partner, you’ll better understand why the dispute came about and how you can best deal with it.
- Get professional help: Depending on how sour your relationship has turned, you may find it difficult to discuss your concerns. Every time you attempt to do so it results in an argument. With the help of a mediator, it’s easier to keep the discussion on topic and avoid language that escalates tensions.
Not every business partner dispute has to turn into a serious situation. There are going to be times when you disagree, and part of being a good business owner is being willing to negotiate and compromise.
However, if you’re faced with a serious dispute that doesn’t have an obvious solution, review your contract and learn more about the steps you can take to protect your legal rights.