Business Partnership Advisor
Together, we can fix your business and partnership problems
Chris Reich, Business Luminary
4 Things To Do if There is Tension in Your Business Partnership
Here Are 4 Things to Do if There is Tension in Your Partnership
#1 Start Taking Notes
Write done the things that bug you and add tension to the partnership. Be sure to add specifics such as amounts, if involving money, names, and dates. If the problems are serious or potentially criminal, those notes could be helpful later.
When stress levels go up our thinking gets clouded. Keeping notes will help you clarify your position if a third party is called.
#2 Get a Partnership Agreement!
If you don’t have a partnership agreement, get one before the tension prevents you from talking freely with your business partner. Once the tension rises, it’s nearly impossible to talk calmly about a buyout. A good Partnership Agreement defines the terms if a partner needs out of the partnership. Read more about getting a Partnership Agreement
These 4 steps can help you get mental clarity if there is tension in your business partnership.
Here are 4 steps to lower your stress if there is tension in your partnership.
Article by Chris Reich, Business Partnership Mediator
#3 Get an Outside Perspective
Talk with a business mediator or moderator like me. I help people get past the tension that is bound to arise in every partnership. You will be surprised at how much better you’ll feel after talking about your partnership. You’re not alone.
As stress rises, we get angrier inside. If that leads to a blowout, your business could suffer. If you end up in court, the process will be very expensive. Why risk losing an expensive fight when you can work things out calmly for a fraction of the cost and get far more benefits?
#4 Talk with Your Partner About 3rd Party Moderation
If your partner will work with an independent, neutral 3rd party, you will have a very good chance of reaching a very satisfactory resolution. Rather than a mediator, I call myself a moderator. I moderate the tension and conduct calm, civil dialogues with all partners.
The process works. Ask your partner about her willingness to work with outside expertise. It’s no secret that once all parties are talking, they will probably be able to work things out if they get good guidance as part of the mediation process.
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“Tension in your business partnership? Take these 4 steps immediately.”
If you are in a business partnership, call your bank and find out if you have a joint account. If you are “on” the account but it’s not a joint account, change it.
Many people who call me find themselves in the frustrating position of not having any “power” in their failing partnership. There are two options.
Never prepare for negotiations by thinking about what you want first. Start by thinking about all the possible things that would constitute a payoff to your partner.
I get a lot of calls about thieving partners. People are often disappointed when they hear the answer. If your partner takes $20 out of the bank account using the company’s ATM card and uses that money for lunch, it’s not stealing.