People who go into business together usually start out with a shared vision for the company. This is usually the driving force for them. As time progresses, that shared vision might become a source of contention when they don’t see eye-to-eye about something that’s going on.
A partnership dispute can easily ruin a company. Because of the risks, it’s crucial that the partners take the time to work things out in the manner that’s best for the business.
1. Keep the dispute behind closed doors
Avoid discussing the matter in front of others. Disputes are better kept private. You may have to include certain key players in the company, but this should only be done under a confidentiality agreement.
2. Consider all the options
Take the time to actively listen to each person’s input about the solutions for the problem. If one partner has more experience in the area related to the problem, consider the information they present. Ultimately, you have to do what’s best for the business.
3. Plan to revisit the issue
Consider making a plan to re-evaluate the issue down the road. This is a chance to ensure that the solution the partners decided on is actually working. For some matters, knowing that you can always change things down the road may make it easier to come up with an agreement now.
The partnership agreement that you set at the start of the arrangement can help to prevent issues. If there are problems that are covered in the agreement and you can’t work things out, you may have to turn to legal avenues. Sometimes, such as in cases of embezzlement, immediate action to protect the company is critical. Working with someone who’s familiar with these matters can help you to learn what options you have.
