Having a disagreement with a business partner is bound to happen at some point. One of the most important things that you can do is to prepare for this before it happens. Set up a plan with your partner for how these situations will be handled.
When you’re determining how to handle disputes, make sure that you keep things respectful. This isn’t a time to let your emotions get the best of you. Take the time to calm down before you try to work things out with them.
You also must ensure that you don’t discuss the partnership dispute in front of employees or customers. There isn’t any reason why they should be clued in about the issues unless it is something that directly impacts them and that they might have feedback on. Instead, find a private place to have the discussions, even if it means you leave the business to talk.
Try to find a mutual solution to the issue. Being able to work through things and coming up with a compromise can help to strengthen the business and your partnership. In order to do this, you must forget about focusing on who is right and look at what the company needs.
There might be times when the chosen method doesn’t work or when you simply can’t come up with a solution that’s agreeable to you and your partner. In these cases, a legal action might be needed to resolve the matter. This is usually a last resort since it might dramatically change the relationship between you and the other party, but you shouldn’t wait if the fate of the company depends on a resolution. Seeking assistance from your attorney can help you learn your options so you know how to proceed.