5 Tips for Resolving Partnership Disputes

5 tips for partnership disputesIn business, two heads can be better than one. Partners can share responsibilities in a company, but disputes can occur, turning a partner into an enemy. To avoid detriment to your business, it is crucial to act quickly to minimize damage. Here are a few tips for the experts at Lavan Law to help get your partnership healthy again:

1. Make time for the discussion

  • Reaching a solution can take time. Putting time aside to discuss the dispute will help you focus and promptly listen to each other. You will be more likely to reach an agreement if you limit distractions and focus.

2. Leave your emotions at the door

  • You are in business with your partner because you trusted them and valued their input at one point. Listen to your partner and do what is right for the business while trying to keep calm. Focus on the business problem and not your personal relationship.

3. Put it in writing

  • Verbal agreements in a discussion are simple, but documenting your agreement is important in the event of possible future disputes and resolving the current one.

4. Consider all solutions

  • It is easy to point the finger at where the problem started, but the most important thing is saving your business from further detriment. Before your discussion, make a list of possible and appropriate solutions. If you find the problem will continuously arise in the future, be sure to consider swift solutions, which may include parting ways.

5. Get legal advice

  • Legal assistance can prevent your dispute from damaging the business. An angry partner can steal clients or assets. An injunction can prevent them from causing fundamental damage, which could save your business.

A partnership dispute can have a significant effect on your business. It can have lasting effects on your life—both business and personal. Resolving a dispute can be challenging, but these five tips can help guide you back on track.

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