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How do you solve a dispute with your business partner?

It is highly likely that you have opted to partner up in business with someone who you admire and respect. After all, what benefit would it be to your company if this were not the case? Your business partner may also be someone you get along with on a personal level.

Unfortunately, like any partnership, disagreements can arise between business associates. As well as taking a toll on your emotional well-being, conflicts over business matters can greatly impact the profitability of your company. As a result, it is worth considering some methods of resolving disputes with your partner, or better still, preventing them altogether.

Ensure that everyone gets their say

People tend to become unsettled when they feel they are being sidelined or undervalued. In a hectic business environment, this can easily occur inadvertently. You may have no idea that something is bothering your associate, which in itself indicates a problem. One simple way to address this is to have regular structured sessions where everyone can voice their views and concerns. This could be a brief session each day, or even an hour every week. Being able to express their opinions will ensure your partner that they are still valued and pivotal to the commercial success of your company.

Plan for such events

As previously stated, prevention is typically better than cure. When drafting legal agreements, you and your business partner can implement guidelines on how disputes should be settled. Also, by having clear terms in place, all parties can be notified of their specific roles and expected workloads.

If you are caught up in a business dispute with no obvious resolution, you still have options. Understanding your legal rights in North Carolina may be the first step to finding a way forward.