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What to do When Business Partners Can`t Agree: Tips and Advice
Running a business with one or more partners can be both rewarding and challenging. On one hand, you can share the workload, ideas, and resources with someone you trust and respect. On the other hand, you may have different goals, perspectives, or personalities that can lead to conflicts or disagreements. When those disagreements become persistent or serious, they can affect the business operations, reputation, and even survival. What should you do when you and your business partner have not reached an agreement? Here are some tips and advice that may help.
1. Define the issues and interests objectively.
Before you can resolve any conflict or disagreement, you need to know what exactly the problem is and why it matters. Sometimes, the issues may be obvious, such as the division of profits, the direction of the business, or the allocation of responsibilities. Other times, the issues may be more subtle, such as the communication styles, the trust levels, or the personal values. Whatever the issues are, try to frame them in an objective and factual way, without blaming or accusing the other party. Also, try to identify the interests behind each issue, which may reveal some common ground or room for negotiation. For example, if one partner wants to expand the business internationally and the other opposes it, the underlying interests may be to maximize profits and minimize risks, respectively. By acknowledging and respecting each other`s interests, you can develop a more constructive dialogue.
2. Communicate clearly and respectfully.
After you have defined the issues and interests, you need to communicate with your partner in a clear and respectful manner. This means avoiding personal attacks, insults, or threats, and focusing on the issues and interests instead. It also means listening actively and empathetically to your partner`s views and concerns, asking clarifying questions, and summarizing what you hear. If necessary, you may also use nonverbal cues, such as body language, tone of voice, or eye contact, to signal your attention, intention, or emotion. Moreover, you may use written communication, such as emails, letters, or contracts, to document the agreements or disagreements and avoid misunderstandings. However, be aware that written communication may also lack the nuances or context of spoken communication, so use it wisely.
3. Seek external help or advice.
If you and your partner have tried to communicate and negotiate but still cannot reach an agreement, you may consider seeking external help or advice. This may involve hiring a mediator, a consultant, a lawyer, or an accountant, depending on the nature and complexity of the issues. A mediator is a neutral third party who can facilitate the communication and negotiation between you and your partner and help you find a solution that satisfies both of you. A consultant is an expert who can provide you with insights, analysis, or recommendations on the best practices or strategies for your business. A lawyer is a legal professional who can represent you or your partner in court or draft a legal agreement that defines the rights and obligations of each party. An accountant is a financial expert who can advise you on the tax aspects, the cash flow, or the financial statements of your business. Of course, each external helper or advisor has its own costs, benefits, and limitations, so choose wisely and consult with your partner first.
4. Set a deadline for resolution or separation.
If you and your partner have tried all the above approaches but still cannot agree, you may need to set a deadline for the resolution or separation of your business partnership. This means agreeing on a specific date or event that triggers the termination or the continuation of your partnership, depending on whether or not you have reached an agreement by then. The deadline should be realistic, fair, and enforceable, and should take into account the interests of both parties. For example, if you and your partner have been in business for two years and cannot agree on how to grow the business, you may set a deadline of six months to either agree on a growth plan or dissolve the partnership. This may give you and your partner enough time to explore all options and make an informed decision, and also avoid prolonged and costly disputes.
Conclusion
Having a disagreement or conflict with your business partner is not unusual, but it can be stressful and challenging. However, by defining the issues and interests objectively, communicating clearly and respectfully, seeking external help or advice, and setting a deadline for resolution or separation, you can increase your chances of resolving the conflict or disagreement in a constructive and mutually beneficial way. Remember, your business partnership is a valuable asset that you have built with your partner, and it deserves your best effort and attention to manage it well.