When you start a business with someone else, you share a similar vision. Together, you work to make that vision a reality. Each person has strengths that they can bring to the company to help it grow and become profitable.
Despite how well you and your partner get along, there are bound to be disagreements. Having a plan for handling those disputes is imperative if you want your partnership — and your company — to survive over the long haul.
1. Work on active communication with your business partner
Some disputes stem from wanting to achieve the same goal but in a different way. Take a step back from the problem. Carefully consider your partner’s side of the matter. This is especially important if the issue is in the other person’s area of expertise. You may get a clearer idea of the best solution when you take the time to look at all sides.
2. Discuss problems with the partnership away from others
One important thing to consider is that your partnership dispute could impact your business even if you work things out. Try not to discuss the matter at the company unless you can go behind closed doors. It’s usually best if customers and employees are unaware that there’s a problem between the owners.
3. Draw up a partnership agreement
This is a priority when you’re going into business with someone else. This should outline each person’s duties and liabilities. The more detailed this document, the less likely issues will occur in the future.
Sometimes, even the best partnerships fall apart and the most well-developed partnership agreements fail to address some unforeseen problem. When that happens, you need to take steps to protect your legal interests and your company.