If you go into business with one or more business partners, you have to remember their support comes at a cost – namely that of your freedom.
You are now answerable to the others and cannot make decisions on a whim, so easily.
It’s very unlikely you will agree on everything with your partners, and while most disputes can be relatively easily resolved, some can get much more complicated. Before you get into a heated discussion or stand-off, think about the following:
Does one of you hold the final say?
Let’s say your business partner holds 51% of the shares and you hold 49%. That will give them the final say on things (unless your partnership agreement states otherwise). Remember that before wasting time on a dispute you cannot win.
Could someone else’s intervention help?
Have you ever had one of those arguments where you are each so convinced you are right or so wound up by the matter that you stop trying to understand each other’s point of view? Bringing in a neutral third party could help. It could be a trained mediator or just someone you both trust. Either might help you achieve the compromise you need.
Is there a future in the relationship
Sometimes a falling out over a matter is not really about that particular matter. Rather, it is about the whole relationship. If, on reflection, you realize the partnership is not working, then it may be time to end it. Understanding the legal implications and likely outcomes will be crucial before you do anything.