Article Contributed by Patrick Del Rosario
Apart from marriage, having a business partnership is one of the most delicate relationships in a businessman’s life. In the relationship, both parties have some part of themselves and most likely their pocketbook invested in making the business as strong as possible. And although you both strive to accomplish the same ultimate goal, the method in which this will occur can often times cause some disagreements and difficulty between the two partners. While some form of disagreement is a good thing and through discussion can lead to improved collaborative results, major disagreements can be detrimental to the health of the business and leave partners to struggle with irresolvable issues.
Here are a few ways to overcome disagreements between business partners
Disagreement over work expectations
As an entrepreneur you want your partner to work as hard as you do, especially during the early stages of the business. When this does not happen, or their work ethic falls short of your own personal expectations, there is likely to be a certain level of frustration within the partnership. Once it has been made clear that expectations on both sides are not being met, it is time to have an honest discussion.
Draft out and compromise on how you both see the business being run, the number of hours you will both put in, and the timing of those hours. Through honest discussion, if you are unable to resolve your work ethic differences, it may be time to decide who has the best interest of the business in mind and give them the reigns to make the business work. Another solution may be to divide up different areas of the business which will be better run by one partner or the other. This will prevent a complete dissolve of the partnership and improve the way the business is run.
Distrust among partners
Just as in a solid marriage, you must be able to trust your business partner with 100% of the information and responsibility you hand over. After all, you will be sharing rolodexes, private information, and most importantly, finances. If you have ever been given a reason not to trust your partner to the point where you do not feel you will be able to repair the trust, it may be time to dissolve the partnership for the greater good of the business.
During this process, it will be crucial to involve a third party lawyer. This person must remain neutral to be able to find missing information or hidden financial data that may confirm or reject your suspicions. The lawyer will also be able to negotiate on your behalf to help you regain trust in the business as a whole, and ultimately save it from falling under.
Steer clear of emotional decisions
Once your trust has been broken, either through failed work expectations, stolen finances, or any other disappointment, a decision must be made to move forward as separate entities. As this process takes place, it is important to keep emotions out of the negotiations and focus on what is best for the business as a whole. For entrepreneurs, this is much easier said than done. After all, your business is one was your idea to begin with, that you have built from the ground up, and the place where you have invested many hours of your time and effort.
As negotiations take place, keep in mind that in order to make your idea and your business succeed, you must keep yourself and your heart out of the equation and take a look objectively at the resolutions available. Continue reminding yourself of the importance of this as you work toward a common resolution that will end the partnership on an amicable note.
About the Author:
Patrick Del Rosario is part of the team behind Open Colleges, one of Australia’s pioneer and leading providers of first rate Management Courses and latest certificate iv in training and assessment. When not working, Patrick enjoys blogging about career and business. Patrick is also a photography enthusiast and is currently running a photography studio in the Philippines. If you have a blog and would like to feature his works, you can find him on Google+.