To maximize your business potential, you brought on a few partners for your Missouri-based business. Things went well for a while, but now you all find yourselves embroiled in a disagreement. How can you clear the air and get back to taking care of customers and clients?
Chron breaks down options for resolving partner disputes. Learn how to ensure everyone feels heard and understood.
If you feel bringing in a neutral third party may help your situation, consider mediation as an alternative dispute resolution. A proper mediator makes sure all parties make their points clear and come to a compromise that satisfies everyone. While you must pay for a professional mediator’s services, it could be well worth it if it means keeping all your partners on board.
If your partners possess the spirit of compromise, negotiating can resolve your dispute. For negotiating to have a chance of succeeding, everyone must realize that business operations do not always go exactly as everyone wants.
When you first established your business, perhaps you anticipated disputes and created a management agreement. Bylaws, partnership agreements and operating agreements provide a road map for navigating conflict. For instance, your agreement may say a specific partner has the final say in a conflict, or it may note an alternative dispute resolution method you all must use.
If all else fails, your only remaining option may be to take the matter before a judge. Court outcomes depend on state laws and your company’s legal structure. Ultimately, a judge may feel a partner buyout or liquidation presents the most favorable solution.