In order for a business partnership to succeed, the partners need to acknowledge their own weaknesses and be willing to work together toward a common objective. If there are relatively minor differences in personality, values, and goals, these differences should not upend a partnership with the potential to be successful. If, on the other hand, you and your partner are far apart on issues that are fundamental to the business operation, then the best thing for everyone involved may be to sell or dissolve the partnership.
Mediation can be very helpful in determining which type of partnership dispute exists and where to go from here. With our expert guidance, you can uncover the core issues that need to be addressed for the dispute to be resolved. If you determine that you can still work together, we can help you put together a comprehensive operating agreement that governs how you will deal with and overcome similar conflicts and disputes in the future.
It is possible that you will decide that your differences are irreconcilable, and the partnership cannot continue. In such cases, you need to take the proper steps before selling or dissolving the business. Our financial experts can assist with issues such as valuation of the business assets, tax implications, and other matters that will need to be addressed during your exit planning. At any stage in the process, business partners are free to bring in attorneys to ensure that their interests are protected.
Partnership disputes are common in the business world. Some are minor, but others are more contentious and can lead to major conflicts.