Working with a business partner enables each partner to strengthen the business by using their own knowledge and strengths. While the business can thrive when this happens, it can also suffer if the partners don’t see eye-to-eye on things.
Partnership disputes can rock the foundation of a business. Depending on the severity, a dispute could be the factor that tears the company apart. Whether you’re considering a partnership or are currently dealing with a partnership dispute, remember these three points:
Disputes should be handled privately
You shouldn’t try to discuss a dispute in front of employees or clients. These discussions are best handled behind closed doors. If you don’t have anywhere private in the business to talk through things, take it elsewhere. You may have to call in certain employees for information, but be sure they know they must keep things confidential.
Compromise is the key
Even if you think you know the solution to the dispute, you must still listen to your partner. Active listening can benefit everyone. Ideally, everyone will listen to whoever has expertise in the matter at hand.
Outside help is sometimes necessary
It might be necessary to call in a third party to help resolve the dispute. This could be an expert in the area of the dispute or to go through mediation.
Partnership disputes can dramatically impact a company. Instead of turning a blind eye to the chance that this will happen, ensure you have a plan for when it does. You should also ensure you have someone to help you evaluate the options and develop a plan for addressing issues that creep up because of the dispute.