Steps can be taken to reduce your risk of a partnership dispute

On Behalf of | Feb 28, 2019 | Business Law

Many Augusta entrepreneurs choose to ally themselves with a strategic partner with a unique skill set that will help them company grow their Georgia company. While you may try to carefully select the person that you’ll go into business with, you two may inevitably experience strife. There are some steps that you can take when selecting your partner to minimize your risk of that happening though.

One of the first steps that you’ll want to take once you think that you’ve found the right business partner is to identify the strengths and limitations that each of you have. Some may be readily identifiable whereas others may not be yet are critical to helping your company grow. If you both sit down and identify your limitations, then you can strategize how to make sure that they don’t adversely affect the business.

If you think that the two of you have the necessary combination of skills or talents to enter in to a partnership with one another, then you should sit down and try to write a mission and vision statement for your prospective company. You’ll want to list what motivates you to go into business, the objectives that you are looking to achieve and your intended methods for accomplishing them. You should reference back to this frequently.

While you’re working on both the mission and vision statements, you may both also want to write down what your individual and company goals are. You each should list what your expected job title and responsibilities will be and how you’ll hold each other accountable . This will let you know if you’re both on the same page regarding where the company is headed.

You two should also discuss and document what happens if the relationship goes south between you two. You’ll want to discuss how you plan to handle frustrations, disagreements and disappointments that will inevitably happen along the road. One key is that with any discord, it’s always best if it’s resolved early on.

Small disagreements that get started between business partners have a way of quickly spiraling out of control if they’re not dealt with early on. Disputes can ruin a company’s reputation and drain it of its assets. Your company deserves a business law attorney who is a strong litigator who can help you manage partnership disputes before they get costly and out-of-hand.