You can form partnerships at any time with two or more individuals, whose goal is to make a profit. In most partnerships, each partner has the right to make decisions that affect the business, unless otherwise specified in the agreement. However, when partners disagree on the running of the business, a partnership dispute can occur. Here are a few tips that can help partners reach a happy medium.
Practice “active” listening – Understand the reasons for the disagreement and what are the concerns you and your other partners have. This will highlight areas of common ground, that can then be used to solve the problem, making everyone feel valued.
Revert to the partnership agreement – Some partnership agreements will discuss disputes, and this is a good place to start to understand how to approach a dispute. It is important that the procedure highlighted here is followed as this will avoid a lawsuit that can occur if the agreement is disregarded.
Consider hiring a mediator – A mediator is a neutral party that will help to facilitate communication between two parties affected by a dispute. The mediator will help parties explain their issues and what solutions they have on the matter. Mediators will also help parties reach an agreeable resolution that will help both parties. The agreeable resolution does not have to follow by law if the partners are not in agreement.