In any business partnership, disagreements, disputes, and conflicts are bound to arise from time to time. If not resolved in a timely manner, these conflicts can disrupt your day-to-day operations and pose a serious threat to the continued operation of your business.
Disagreements on How to Run a Business
It is not uncommon for business partners to disagree over how the business should be run and what kind of objectives need to be met – both in the short term and in the long term.
For instance, you might want to expand your business while your partner might think it is premature to do so. Similarly, you might want to employ a top-down management strategy so you can keep a close eye on the day-to-day operations of your business. Your partner, on the other hand, might want to follow a bottom-up approach based on an employee feedback mechanism.
In some cases, you and your business partner might disagree with each other on how the resources of your business should be allocated. You might want to invest a large portion of your income to market your existing products, while your partner might want to use it to develop new products and expand your product range.
In some other cases, you and your partner might have different visions for the company and as a result disagree with each other on the direction that the company should head in.
What You Can Do to Resolve Your Disputes
First, you and your business partner should talk to each other and see if you can mend fences and settle your differences in an amicable manner. If you both have the best interests of your business in mind, finding common ground should not be a problem, since you both are working towards the same goal in the long term.
Do not make the mistake of judging your partner harshly, even if you think they are being unfair to you. Remember – you entered into a partnership with them because you both had the same dreams and shared the same vision for the business. So, you should operate on the assumption that your partner wants the best for you and your business until proven otherwise.
Employ what dispute resolution experts call the ‘active listening’ strategy. It is a method wherein you and your partner agree to listen to each other for a specific period of time – anywhere from 3 minutes to 10 minutes – without any interruptions.
This way, both of you can get a clear idea of the issue at hand and understand each other’s concerns regarding the same. Once you do, you can work together to find a solution which is acceptable to both of you.
Seek Outside Help
In some cases, you and your business partner might not be able to settle your differences on your own. In such a scenario, you should not hesitate to seek the help of a neutral third party who can help you sort out your differences amicably.
The mere presence of a neutral third party who has no vested interest in your business can help you see the issue at hand from a different perspective. It is generally not a good idea to ask a friend or a colleague of yours to play the role of a mediator to settle the dispute.
If the friend or colleague in question is someone you know very well, but your partner does not know, they might be biased towards you. Even if they are not, your partner might suspect that they are.
If, on the other hand, the person you choose is friends with both of you, they might find it hard to stay objective during the whole process without taking sides.
So, your best option is to choose a trained professional who can help you settle the dispute with your business partner through mediation, arbitration, or if those methods fail, litigation.
Business Dispute Lawyers in Spartanburg, South Carolina
The Nowell Law Firm focuses on resolving business disputes through mediation, arbitration, and litigation. Whether it is a dispute regarding profit sharing, resource allocation, workload, company’s objective, or any other issue, we can help you resolve it in the most practical, effective, and cost-efficient manner.
We are trained to resolve even the most complex of issues through mediation and arbitration. We can provide you with the counsel you need to resolve your issues without developing a sense of acrimony towards each other. Once the issue is settled, we can develop a comprehensive partnership contract that clearly defines each partner’s role, so that such problems do not arise in the future.
Sometimes, even the best of mediation and arbitration efforts can fail. In such cases, we can help you settle the dispute through litigation. We can help you buy out your partner’s share of the business. Moreover, if you are interested in selling your share of the business to your partner, we can help you with that too.
If you are in the midst of a dispute with your business partner and if you are in need of legal counsel, schedule a consultation with the Nowell Law Firm in Spartanburg, SC by messaging us online or calling (864) 469-2481. We look forward to serving you!