When you go into business with another individual, you can benefit from the qualities that set them apart from you. Even though many partnerships get off to a strong start, there are occasions when things take a turn for the worse. In situations like these, you must take action to handle the problem in a way that will keep the business safe.
The partnership agreement is where you should lay out the procedures for handling disagreements, as this is one of the most significant things you can do. Even if you don’t think you’ll need them at the beginning of the relationship, it’s preferable to have them ready just in case the situation calls for them. Discuss your situation with a renowned lawyer Andrew Mongelluzzi.
Think about what each person is good at.
A disagreement may arise from a topic that is more within the expertise of one spouse than that of the other partner in the relationship. When something like this occurs, the person who is more knowledgeable about the subject in dispute needs to have a conversation with the other partner about the decision they made and the reasoning behind it. This may assist in smoothing things up and provide some insight to both parties regarding how a situation like this can be handled in the future.
Maintain the conflict outside of the company.
Make every effort to resolve the disagreement in the partnership behind closed doors. If employees overhear the company’s proprietors arguing with one another, it can set up some alarm bells for them. There may be instances when you need to bring staff in to discuss the situation; however, this must be done discretely and with a confidentiality agreement in place.
Recognize when it’s time to step things up.
Some circumstances call for immediate and serious action to be taken. If you find out that your business partner is stealing money, passing your trade secrets to another company, or sharing the company’s intellectual property, you may not be able to proceed through mediation or another type of amicable conflict resolution.
If you have a partnership issue that needs to be taken to a legal level, it is to your best advantage to make sure that you have representation that can safeguard your interests without losing sight of the interests of the firm. This guarantees that you have a resolution that keeps the firm moving forward despite the obstacles it is encountering due to the dispute between you and the other party.
