Going into business with a partner means you can draw on each other for experience and knowledge. While these situations usually work well, there are times when issues may arise. The manner in which you handle partnership disputes can have a profound impact on the company.
There are several things to think about when you’re planning your response to the partnership dispute. These may help you to shape the way you handle things.
How is the dispute affecting the company?
If you and your partner can keep the dispute away from the company, you may have more time to come up with a mutually agreeable solution. It might behoove you to talk about the matter away from the employees. You may have to call some employees in to talk to you if they have input about the matter.
How can you correct the issue?
In an ideal partnership, each person will have specific areas they’re responsible for. The person who’s in charge of the aspect of the company that’s having issues may have a valid solution. Discuss it with your partner with an open mind.
Can the partnership be successful?
You need to evaluate the partnership to determine if it’s still working. Sometimes, partnership disputes are too serious for the business relationship to continue. Taking steps to end the partnership may be necessary if that’s the case.
All business owners who have one or more partners working with them may have issues from time to time. Consulting the partnership agreement can help to resolve some. When there are serious disputes, legal action might become necessary to protect the business. Working closely with someone who understands these matters might help you to determine what steps to take next.