The amount of time needed to work out an agreement is in the hands of the disputing partners. We could talk a few minutes about options and reach agreement. But that never happens.
Whenever a partner makes an ultimatum when I’m working to bring people together, the damage is almost always irreparable. Issuing an ultimatum is a disrespect to me as a mediator and the other partner or partners involved. Line-in-the-sand demands take away any room for negotiation.
We often form partnerships because of the way the relationship works. One person wants to be in charge and the other is fine with that. Then something comes up and the expectations cause tension. We have to deal with the partner we have, not the one we wish we had.
Here are more things you need to know if you are opening buyout talks with your business partner.
Buyouts between partners are usually mired in things that people think are legal entitlements. Let’s look at the most common misconceptions around buyouts.
If your business partner ever is violent, call 911 immediately. Yes, even if he missed. You want to document threats of or actual violence.