Going into business with a partner means you can each use each other’s strengths to build the company. In most cases, partners have similar ideas about how the business will be run.
Unfortunately, there are times when you and your partner might not agree on something. Handling these disputes in the manner that’s best for the company is critical. Consider these points as you try to handle the situation:
Discuss the matter in private
Discuss the disagreement with your partner behind closed doors. This helps to reduce the chance that it disrupts the normal business functions of the company. Try not to talk about it when employees are around unless the employees are directly impacted by the disagreement and have a say in the resolution. Some business owners opt to discuss these matters over dinner or somewhere away from the office just to keep employees from hearing the issues.
Look at the partnership agreement
Check your partnership agreement. There might be resolution measures in the agreement. You can use these to help keep you on track. It might also behoove you to think about whose area the disagreement is in. Typically, each partner has their own strengths. If the issue has to do with your business partner’s strengths, it might be best to carefully consider their points. They should do the same if the issue is in your specialty area.
Seek help if a resolution isn’t possible
Partnership disputes can sometimes turn into legal matters. If you think that the dispute is having a negative impact on the business and that it needs to be addressed by the court, you should take swift action. Working with someone who can help you to protect your company is critical, but be sure to do this quickly since waiting could be detrimental to the business.