Resolving a dispute with a business partner can be challenging, but it’s essential to maintain a professional and open-minded approach. You and your partner went into business together for a reason, so thinking about those is beneficial when there’s a dispute.
One of the first things you need to do is to clearly identify the underlying issues causing the dispute. Make a list of the points of contention and consider the perspectives of all parties involved. This will help you understand the root of the problem and set the stage for a productive discussion.
1. Choose a neutral location
To create a more relaxed atmosphere, consider meeting your business partner away from the business premises. Choose a neutral location, such as a coffee shop or a park, where you both can feel comfortable and at ease. Consider the privacy available if there are confidential points that must be discussed.
2. Stay objective and professional
Keep the conversation focused on the issues at hand and avoid bringing up unrelated matters or personal attacks. Stay objective and professional, and try to separate your emotions from the discussion. Look for areas of agreement between you and your partner. By identifying common ground, you can begin to build a foundation for resolving the dispute and moving forward.
3. Develop a plan of action
Work together to create a plan of action to address the issues you’ve discussed. Outline the steps you will take to resolve the dispute, and assign responsibilities for each task. Set a timeline for implementing these changes and agree to revisit the plan regularly to assess its effectiveness.
By addressing disputes with a business partner in a thoughtful and proactive manner, you can work toward a resolution that benefits both parties and preserves the integrity of your business relationship. If an agreement can’t be reached or if the matter is serious, legal action may be necessary.