Starting a business with someone you trust can be the beginning of a great adventure, but you need to think about what will happen if there’s a dispute. It’s possible that both partners will be able to come together to do what’s best for the company.
It’s imperative that you include a dispute resolution method in your partnership agreement. This gives you and your partner an option in case you can’t come to a suitable compromise. While you’re trying to figure out a plan to address the dispute, you should remember these points:
Keep the issue away from employees
One of the most important things to remember when you have a partnership dispute is that you need to keep the issues away from work. Try not to let the employees know what’s going on because tension between the owners may make some of them uncomfortable. If possible, discuss the matters behind closed doors or meet away from the company.
Think about expertise
If the dispute is regarding an area where one partner has more experience, be sure to consider that as you’re trying to determine the solution. Give them a chance to explain their methodology for the decision they think is the correct resolution to the problem.
There are times when legal action is necessary during a partnership dispute. For example, if you have evidence that your partner is partaking in illegal activities, such as embezzlement, you may have to consider involving law enforcement. Understanding your rights and how to protect the company can help you as you make a plan going forward.