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Tips to managing a stable business partnership

On Behalf of | Nov 9, 2020 | Alternative Dispute Resolution, Commercial Litigation |

Maintaining a proper partnership is important across all areas of your life, especially in your business. Most owners rely on their partners to ensure the company runs smoothly, the financials are up to date and employees are properly managed.

However, that reliance is also a weakness if you have a disgruntled business partner who is working against you in most business decisions. It begs the question of how you can manage a stable partnership, even in the face of disputes.

Preparation is key

The best way to avoid a crumbling partnership is to prepare beforehand. You can develop a contract or an agreement determining the roles of each partner, the duties of each partner and how to approach disputes when they arise. It takes the guesswork out of the resolution for you and gives clear definitions of who does what for the company.

Rely on open, honest communication

If you sense there are issues in your partnership, the first step should be an honest discussion of the problems at hand. You do not want to skirt around the issues and let them fester into a larger problem. Instead, approach your partner with an open mind to see what they are thinking and approaching your company.

You will have to hold back judgments and allow them to freely express themselves. Then, you will return the sentiment. It may even help if you do monthly check-ins to ensure you are both on the same path and want the same results for the business.

Ask for professional help when necessary

If you and your partner still feel disagreements, you can always invoke a third party to help come to a better resolution for everyone involved. You can meet with an arbitrator or mediator to discuss the dispute, and then, the professional will determine the outcome for both parties.

It’s an excellent alternative than going through the court process, plus you do not have to be the person who decides what is the best compromise for everyone involved.

Ultimately, the best partnerships rely on communication and addressing problems when they arise. And if you cannot fix your company’s disagreements, you may find a party who can.