Partners often go into business together because they share a similar vision and know that they can use each other’s strengths to help the company. Things might go well at first, but there will almost certainly come a time when a disagreement comes up. Handling this in a way that doesn’t impact the business too much is likely a priority.
One of the most important things you can do is to try to address the dispute in private. You and your business partner may need to discuss the matter away from the company so that there isn’t a chance that employees will come in on the conversation. Even when there are disputes brewing, business partners should still present a united front to employees and clients.
Another thing to consider is who has the experience in the area of the dispute. You and your business partner may have different things that you’re in charge of for the company. If the source of the dispute is in the other person’s area, you may need to stand down a bit. At least take the time to find out why they’re making the decisions they are, so you can know where they’re coming from with it.
Finally, consider all the options based on how they impact the company. This isn’t a time when you can let your emotions rule. Instead, you need to think practically about the fate of the business. If all else fails, consult your attorney to find out whether alternative dispute resolution or litigation can help resolve the matter. Of course, having to take your business partner to court will likely have a negative impact on the company, so think carefully before taking that step.
