Disputes are bound to happen at some point in a business partnership. When they do, it is important to have a plan in place for how to deal with them. To get started, try these tips:
Make sure both partners are open to communication
Disputes can quickly escalate if either party is unwilling to listen or discuss the issues at hand. Before anything else, it is important to make sure there is an open and respectful dialogue between the two people involved in the dispute. You can do this by scheduling regular meetings and spending time talking things through.
If you want to avoid business litigation, consider mediation. Mediation is a process where both parties meet with an impartial third-party mediator who can help them come to a resolution. Not only does it help both sides better understand each other, but it also gives the mediator an opportunity to make suggestions for how to move forward in a peaceful and productive manner.
Lay out clear goals
When negotiating a resolution, it is important to make sure both parties know exactly what they want to achieve. This will help ensure that any agreement that is reached is based on the goals of both partners. For instance, one partner may want to get out of the partnership, while the other is looking for a way to keep it going.
Draft an agreement and document everything
Once you have reached a resolution, make sure that both parties are in agreement and sign off on any changes or modifications that were made during the negotiation process. Keeping everything in writing can help avoid any confusion or disagreements down the line.
No two people are likely to agree on everything and disputes usually arise from differences in opinion or approach. It’s important to remember that compromise is key to resolving partnership disputes. Both parties need to be willing to listen, compromise and make concessions in order to reach an agreement to be reached. Generally, while the process can be a stressful and time-consuming process, it is possible to come to an agreement that works for both parties involved.