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5 points to remember during partnership disputes

Partnerships are – ideally – mutually beneficial business relationships in which the participants have the common goal of trying to build a business. These arrangements are usually formalized via a written agreement that’s followed throughout the life of the business.

There are times when partners may disagree on matters. Taking proper steps to resolve disputes is crucial if the partners want the business to survive and continue to thrive as it is currently constructed. If you are navigating a partnership dispute, consider these tips carefully.

1. Discuss the matter in private

Never discuss the disagreement in front of clients or employees. Partnership disputes that become public may become unnecessarily messy. They can negatively impact a business because people may start to think that the company is unstable. Taking the discussions off the property or at least having them behind closed doors is important.

2. Stick to facts, not feelings

Always consider the facts at the heart of the dispute without letting your emotions come into the picture. It’s common for a business owner to feel passionate about their business, but they can’t let that have a negative impact on the decisions they make.

3. Consider expertise

Partnerships are usually formed by people who have different skillsets. Being able to count on your partner to be able to make good decisions in their area of expertise is beneficial to the company. As you consider the basis of the dispute and the solutions that are viable, give some thought to why they are suggesting a specific solution.

4. Think outside of the box

The best solutions to disputes are sometimes ones that aren’t considered to be standard. Take the time to evaluate each option you have for resolving the dispute.

5. Bring in neutral help

A third-party neutral can help with the partnership dispute. It may behoove you to take advantage of a conflict resolution method outlined in the partnership dispute. It’s possible that some disputes might be so serious that they will require you to take the matter before a judge.

Anyone who’s in the midst of a partnership dispute should ensure that they take steps to protect the integrity of the business. This may mean that you have to take legal action. Working with a legal professional who can help you to research your options may be beneficial.