When partners disagree, the costs can be high, and the damage to your business relationships is long-lasting. Disputes in business partnerships can be costly and time-consuming.
Below are three strategies for minimizing and resolving disputes as early as possible:
Don’t Let Conflict Fester
If you’re like most people, you’ve probably had a business partner or two who has been less than ideal. Whether it is their personality or their management style, the relationship can be difficult to manage and even more difficult to resolve. The key is to keep the conflict from festering into something that negatively affects your business—and hopefully prevent it from happening at all!
Understand that Compromise is Not a Dirty Word
Often, when we think of compromise and giving up, we think about it as an act of weakness. But that’s not necessarily the case. Compromise can be a way to find a solution that works for everyone involved and avoid litigation.
Compromise also differs from giving up in that it does not mean you lose anything—it just means you’ve found a new way forward together. And if there’s one thing we know about business partnerships and disputes, it’s that compromise can help resolve them more quickly than either party may have imagined possible!
Hire a Business Partnership Employment Law Attorney to Resolve the Dispute
The Best Strategies for Dispute Resolution Are Adopted Before the Partnership Is Even Formed
The best strategies for dispute resolution are adopted before the partnership is even formed. A partnership agreement is a document that outlines how the partnership operates, who has authority over specific responsibilities and goals, whether there will be an operating agreement or other formal documentation that governs specific areas of operation, and how disputes will be resolved.
If you’re starting a business together with someone else, it’s important to have a written agreement in place before you begin working together. Then if one partner wants something done differently than what was agreed upon in writing, they can bring up their concerns at an early stage of your working relationship instead of later on when things get hairy!
All business owners and partners must address various issues, or possible issues, that could lead to a business or partnership dispute. We always like to point out to our clients that it is costlier and significantly more challenging to deal with a business dispute after it has arisen than to work to prevent issues before they even arise.
At the Marcarian Law Firm, some of the issues that we help clients with regularly include the following:
Control of partnership agreements
Claims for breach of fiduciary duty
Misappropriation of funds
Partnership dissolution
Divorce disputes
Probate and estate disputes
Removal of a partner
For each of these issues, we understand that the disputes that arise could become complex. Partnership disputes and other business disputes can be dealt with through various types of dispute resolution,
Including:
Negotiations
Mediation
Arbitration
Mitigation
If your business is involved in a dispute with another business or individual, or if there is a dispute between you and your business partners, contact the Marcarian Law Firm for help today.
Our Attorneys for Pharmacists in California have extensive experience handling complex business and partnership dispute cases, and we will work to protect you at every step in the process.