If you have a business partner, you certainly hope that the two of you are always on the same page and working toward the same goals. But the reality is that business partners often find themselves engaged in disputes, some of which may be so severe that it puts the entire company at risk.
You want to be wary of how these disputes happen and what can lead to them. You also need to know what options you have if one does arise. To get this process started, let’s look at some of the most common reasons partners disagree.
You no longer trust each other
Trust is an integral part of your business relationship because you have to know that you can always believe the other person is working in your best interests or the business’s best interests. If that breaks down, you’re both going to second-guess everything that the other person does and you’re going to have a lot of disputes over choices that are made.
You disagree on roles and responsibilities
Business partners often have their idea of what they want their role within the company to be. But this can lead to a situation where both people don’t see eye-to-eye or think they should have the same role. This can lead to disputes where you feel like the other person is overstepping their bounds or where they’re telling you to do things that you don’t think are your responsibility.
You have different goals for the company
You also have to think about your vision for the company. What is your overall goal? What do you want the company to be? If your preferences are different, the company can work for a time, but you’re eventually going to run into a dispute when you’re working toward other ends.
You disagree over money
Of course, there are also financial issues. Maybe both of you believe the money should be spent differently or you don’t agree on how much each of you should be paid. Financial stress can break down a business relationship very quickly.
If you do end up having to dissolve your partnership or resolve the dispute, be sure you know what options you have.