Business partnerships are often stronger than sole proprietorships because two or more partners can bring diverse strengths to the table and achieve more through collaborative decision making. However, partnerships also increase the possibility of serious disagreements and disputes between partners on various aspects of the business. Here are a few proven strategies that can help minimize and resolve business partnership disputes.
Formulate a Partnership Agreement with Help from a Business Mediator
Depending on the nature and type of business, you may need a partnership agreement or an operating agreement in place. It is best to hire the services of a skilled partnership mediator to assist you with this important task. Business partners sometimes try to avoid the hassle of having a formal agreement or simply try to prepare it on their own.
Working with a knowledgeable mediator to create a consummate partnership agreement will lay the foundation for a healthy and thriving business partnership. Each business is unique, so you cannot just use a pre-existing template to form an agreement. A business partnership mediation expert can help you and your partners tailor the agreement to your specific business needs.
A well-crafted agreement will protect all partners from exposing themselves to certain obligations, conditions or procedures which they do not want. A seasoned business partnership mediator will help clearly define:
Set Aside Time to Discuss Conflicts and Focus on Problem-Solving
When the partners have a dispute, they should be prepared to dedicate sufficient time to have a detailed conversation or an objective negotiation to try and resolve it. Trying to address the issues while you are buried in work can be distracting, unproductive and create more confusion. On the other hand, when all the partners are willing to set aside time for a composed and reasoned conversation, and maintain a focus on the possible solutions rather than the problem, it gets easier to achieve a positive outcome or an outcome at all.
Hire a Business Partnership Mediator to Resolve the Dispute
A business partnership mediator is a non-partisan professional who will be able to assist and facilitate the partners to find constructive ways to resolve the dispute. These include:
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