When you go into business with a partner, you do so with the idea of forming a long-term working relationship that benefits the both of you. Unfortunately, conflicts and disputes can arise at any time. Just when you think everything is going as planned, you have a disagreement that quickly spirals out of control.
It's easy to overreact during this difficult time, such as by escalating an argument or threatening to leave the business altogether. While frustrations may be high, it's important for both individuals to keep their cool.
Here are some things you can do in an attempt to resolve a dispute with your business partner:
- Stop a dispute before it grows: You should expect to disagree from time to time, but that doesn't mean you have to get involved in a full-blown dispute that increases tension. If you feel this coming on, take a step back and consider all your options.
- Don't jump to conclusions: It's likely that both sides will immediately jump to conclusions, blaming the other person for what's happening. If you rush to judgment, it's much more difficult to keep your cool and talk through your problems. Any accusations made will only make things worse, so keep your thoughts to yourself.
- Listen to one another: Rather than scream, argue and make accusations, set aside time to sit down and really listen to one another. This will help you better understand how the other person is feeling. It may even help you realize that there are things you can do better.
- Take a break: You don't have to talk through everything in one session. If you've had enough of each other for the day, step back and promise to revisit the conversation in the near future.
If you take these steps, you may find that you're able to quickly and efficiently resolve a dispute with your business partner.
However, a solution isn't always easy to come by. The problem may be well beyond the point of a simple resolution. In this case, it may be time to bring in outside help.
You have legal rights, as does your partner, so you need to understand what you can and can't do. If you require additional information on partnership disputes, visit our website for guidance.