Business Partnership Conflicts
Carmela Denicola, a noted mediator in New Jersey, recently wrote “3 Strategies to Minimize and Resolve Business Partnership Disputes” which laid out some great concepts to ponder:
Formulate a Partnership Agreement with help from a business mediator;
Set aside time to discuss conflicts and focus on problem-solving; and
Hire a business partnership mediator to resolve the dispute.
But to add to these points, it is important to realize that being business partners is like being married to each other. It’s not just a business relationship, it’s a personal relationship, akin to a marriage. Same applies for small companies — the difference in business structure does not really alter the fiduciary duties owed or the nature of the relationships.
When you’re dating somebody, everything seems wonderful. The other person can do no wrong. Life is great. But then real life hits and you learn that everything is not necessarily all that wonderful. Face it, there’s a reason most of the engagements/relationships on The Bachelor or The Bachelorette fail. The same applies to small businesses. When you’re knee-deep in the brainstorming or idea phase, or the thrill of the start-up phase, everything is wonderful. But problems will arise (problems always arise) and then the bloom is off the rose.
It is easy to have a good relationship when everything is going well. It’s when things are not going well, that relationships are sorely tested.
Whatever makes your marriage work (or long-term relationship with a significant other) is what is needed in a business relationship. Communications, honesty, thoughtfulness … whatever it is … these keys to your personal relationships have to be applied to your business relationship. Without those intangibles, no product or service will ever be able to survive an ill-fated relationship.
