Business relationships are like a marriage. They are great when they work, but messy if things don’t go well. This is often because the parties have invested a great deal in the relationship and there are generally significant assets involved.
While resolving business disputes is rarely easy, there are steps you can take to make the process more productive and hopefully less painful.
Remain Objective. As with any dispute, it is often difficult to keep emotions in check. It is understandable given that owners invest considerable time and money into the business. However, emotions can often cloud our judgments and hinder a solution.
Don’t Ignore the Problem. While minor issues may resolve on their own, serious issues generally only get worse over time and can destroy the business. Therefore, address disputes quickly and openly.
Prepare Ahead. While businesses should hope for the best, it is also wise to prepare for the worst. Having a plan in place to deal with disagreements is the best way to avoid litigation. Akin to a pre-nuptial agreement, a buy-sell agreement that establishes the rights of each party upon dissolution of the business can often avoid a contentious dispute.
Call in the Experts. Often, the dispute cannot be resolved without the assistance of an experiences business attorney. In addition, a mediator can also help broker an equitable agreement between business owners.
How We Can Help
If you involved in a partnership dispute, it is imperative to consult with an experienced business attorney. Our firm can help you achieve your business goals, while also minimizing your liability.