If you co-own a business, you may butt heads with your partner along the way. Some of these disputes could prove minor. And they may not affect your relationship or the business’ health. Yet others could snowball into a pattern of disagreement.
You may feel tempted to flee your business for your immediate peace of mind. But before you take drastic action, consider these solutions first.
Talk with each other
Talking things out with your business partner may seem impossible if you’re at an impasse. But a little communication could go a long way, for you cannot assume your partner will not work with you toward a resolution. Detail every point of contention that exists between you. And make sure to discuss these in a forthright manner that’s not accusatory. While this may not lead to a truce or solution right away, it’s nonetheless an excellent first step.
Work with a mediator
Even if you talk with your partner, the tension between you could increase. But your relationship with them could still be salvageable. Consulting a mediator can give you an impartial, outside perspective on your dispute. The mediator will work to diffuse further conflict. And they will also work toward a fair solution that favors the business – rather than either of you.
Pursue partnership litigation
Your dispute with your business partner could prove unresolvable. In this case, you may want to consider partnership litigation. Working with a business law professional could give you a final chance at reaching an agreement. It could also help you rearrange your business or structure a buyout if your disagreements lead one of you to leave the company. And if your partner tries to sabotage you or the business, it may even protect you from potential liability
Business disagreements can turn a dream work environment into a toxic one. Not all these disputes are containable before they spin out of control. Knowing how to deal with them at different stages can help you move forward in the best manner possible.