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How to successfully resolve disputes with your business partner

On Behalf of | Jan 17, 2020 | Business Law |

You’ve probably dreamt of starting your own business for as long as you can remember. It has been a lifelong goal for you, and to top it all off, your childhood best friend is starting the company with you. This seems like the best-case scenario for everyone involved. However, when close friends are working in a high-stress environment together, tensions can start to boil over. Fortunately, there are a few techniques that can help you both resolve any conflicts that may arise.

Four tips for settling arguments

Following these tips can help solve any issues that come up between you and your business partner:

  • Address potential issues beforehand: Having a brainstorming session with your partner can be a preemptive way to solve problems. Try to think of any common disputes that could happen and a few resolutions to resolve them.
  • Take your time: Even when small disputes arise, it can be easy to come up with a solution and run with it hastily. Taking a moment to assess the situation can give you a different perspective. You may also come up with a better solution by taking your time.
  • Listen intently: During a stressful situation, it can be difficult to take in what your business partner is saying. You could be overwhelmed and not really listening to what they are saying. Taking a few minutes to digest their point of view can help both of you resolve any issue.
  • Reach out for assistance: Sometimes, you might not be able to work out a solution to your dispute. In that case, seeking the help of a mediator might be beneficial. Having an outside perspective of the problem may allow you both to reach a resolution.

Starting your own business can be exciting and thrilling, especially with a business partner. Issues arise in any relationship and following these tips can help you both come to a compromise. If you need additional help or have questions reaching out to a business law attorney can be beneficial.

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