Choosing the right business partner is likely the second most important decision most people ever make, the first being whom they choose as a life partner. But even the best of business partners can sometimes butt heads with each other over issues about how to run the company.
What can warring business partners do to right the ship and sail through these treacherous waters?
Be willing to come to the table
All the negotiation in the world is pointless if one business partner has made up their mind that they are done. Pulling the plug on a lucrative business is not a decision to be made in haste. There is usually no reason not to at least listen to what your partner proposes to resolve your issues.
Some partners find that formal mediation is a more productive way to resolve their differences. That’s another option to consider.
Be able to define the problem
Sometimes, one problem may be substituted for another in an attempt to hide what the true source of the discord is. This can happen in families in business together who are divided by divorce or another schism. Friends, too, can find themselves on opposite sides of a matter and discover that it adversely affects their business relationships.
In those cases, there must be a commitment to transparency when working to resolve the dispute at the heart of the issue. Otherwise, any negotiated truce will wind up being worthless.
Plan your exit strategy first
While it may be too late in the game for some business partners, the best course of action is to make sure that their partnership agreements contain well-defined clauses on what occurs when a partnership dissolves. That way, there are no unpleasant surprises for either partner down the road.