What should you do about a partnership dispute?

Working with a business partner is beneficial in many ways. From helping you grow the company to taking on some of the risk, there are many reasons to go into business with a partner.

Unfortunately, partnership disputes are all too common. While disagreements are sure to happen every now and again, it’s up to you and your partner to avoid an all-out battle.

Here are four key steps to take if you’re faced with a partnership dispute:

  • Stop it before it starts: If you see a dispute coming at you, do your best to put an end to it before it turns into something bigger.
  • Don’t make rash decisions: For example, don’t assume that your business partner is in the wrong and that you need to dissolve the relationship. Rushing to judgment will only make things worse.
  • Talk it out: Have an active listening session in which the two of you sit down to clear the air. Sometimes, this is all it takes to put the issue in the past and get back on track.
  • Take a breather: You don’t have to hash out all the details in one conversation. If things get tense, take a step back and promise to revisit the issue in the near future.

If you take these steps and are unable to resolve your differences, it’s time to learn more about your legal rights. There are additional steps you can take, such as mediation, to help you work through your differences, so you can once again turn your full attention to the well-being of your company.