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Solving Partnership Business Disputes

A business partnership often leads to differences of opinion, ending in disputes that can negatively affect the business. To make matters worse, partners in business are also often family members, creating personal problems, as well as difficulties within the company. Partner disputes have been known to ruin businesses, making it imperative to resolve this issues before they destroy both the business and the relationship between the partners.

Set the Ground Rules with a Business Plan

As with most disagreements, business disputes between partners usually begin with a lack of communication. One party believes one thing, while the other believes something different. This could be how a certain aspect of the business should be run, who should be responsible for what tasks or who is doing the most work. The first step to avoiding and resolving disputes is open communication through the use of a business plan.

Every business, especially one with partners, should have a formal business plan. This written plan is an agreement on how the business will be run. It should include financial information, delegation of duties and a general plan on how the business will be managed. If this is in place and agreed upon by both parties, then most disputes would be quickly and easily resolved.

Opening The Lines Of Communication

However, if there is not a detailed business plan in place or if the disagreement is beyond the scope of the business plan, there needs to be an open and honest discussion between partners. Both parties need to be able to listen to the others point of view without judgment. Start by agreeing that you both want what is best for the business, realizing that you may need to compromise to come to a solution that you both can live with.

Unfortunate partner disputes have been the downfall of many businesses and personal relationships. The best way to avoid these problems is to have a written agreement that is endorsed by both partners from the very beginning, with alternations being added as changes are made in the business. Having a working document that both partners have created together can be the best way to solve any disputes that may put your business at risk.

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