Disputes between business partners can be stressful and bad for the company. Employees may notice the shift in the relationship between their bosses, making everyone at the company nervous. Individuals who typically work well together may suddenly start avoiding each other because of the dispute, leading to miscommunication and poor overall company performance.
These disputes can start because of a slump in one partner’s work performance, a difference of opinions about the company’s next step or even interpersonal conflict. If left unchecked, this dispute between business partners could lead to court and possibly the dissolution of the company.
How can you potentially resolve these issues without giving up on your partner or the business itself?
Try to understand their perspective
A business partnership is a long-term economic relationship, and you will have the most success now and in the future if the two of you foster a deep understanding of one another. If you haven’t already done so, you need to give yourself space to consider your partner’s perspective.
A sit-down discussion could help. Taking the time to listen to your partner could help you understand their side of the disagreement and could lead to a quick resolution.
Bring in outside help
Alternative dispute resolution can be a confidential and powerful way for business partners to cooperate with one another and resolve a disagreement. Both mediation and arbitration are ways for individuals entrenched in disagreements to find a workable solution.
Sometimes, business partners might even benefit from a joint therapy session, given how important a healthy dynamic between them is for their company.
Update your partnership contract
If you continue disagreeing about important matters and no longer have the same long-term plans for the company, it may be time for you to review and possibly update your partnership agreement. You could create rules that would allow either of you to buy the other out for ways to address disputes if you have another disagreement in the future.
Finding a way to work together during a partnership dispute will usually be better for you at least until you can find a way to settle the disagreement or sever your business relationship.