When you and your partner agree on the direction for your business, the opportunities for success may seem endless. If you and your partner disagree on major decisions about your company, however, that challenge may seem insurmountable. What can you do to resolve conflicts?
Your partnership agreement may offer guidelines for partner conflict.
Just like they include clauses addressing the sale of the business or the death of one partner, many partnerships begin with documents that plan for potential disagreements. Your partnership agreement may require mediation, focus on majority decisions or allow one partner to take the lead on decisions within an area where they have more experience.
Negotiation may allow you to talk things out.
You and your partner each bring a unique perspective to the business, and negotiation could allow you to discuss that perspective and come to a compromise. You may be able to find a middle ground that incorporates both you and your partner’s strategies. You may also choose to prioritize your partner’s opinion on one decision in order to guide the strategy on another aspect of the business.
If you and your partner find yourselves unable to negotiate a solution on your own, working with an unbiased mediator could help you and your partner communicate more effectively.
Litigation leaves the decision in the hands of the court.
If you and your partner find yourselves unable to come to a compromise or agreement out of court, litigation may be the only way to move forward. In these cases, it is essential to work with an experienced business law attorney who can create a strategy based on your goals for the business.