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Suggestions for avoiding conflict in your business partnership

Operating a business in Kentucky with someone you trust and enjoy working with can be exciting, adventurous and memorable. However, there will undoubtedly be times when you may experience conflict because of misunderstandings, differences in opinions and preferred methods of getting things done. Fortunately, with the right tools and a commitment to be forthright in your communications with your partner, you can avoid conflict and implement valuable ways to reach solutions should a disagreement occur. At Gatlin Voelker, PLLC, we are familiar with the risks that business partnerships face in terms of running an organization together as a unit. 

Linked In has suggested several helpful actions that you can implement into your organizational process to avoid conflict within your partnership. These include the following: 

  • Address disputes head-on: When a disagreement arises, you and your partner will benefit from addressing your differences right away. Focusing resources and efforts on developing a beneficial solution rather than repeatedly discussing the problem can expedite the process of finding an alternative that both you and your partner will be satisfied with. 
  • Draft a partnership agreement: A valuable way to set clear expectations before a dispute happens, is to create a detailed partnership agreement. This document, functioning as a sort of prenup, should include important information relating to each person's roles in the organization, required contributions and worst-case scenarios so you and your partner understand each other's obligations to the business. 
  • Utilize mediation as a resource: If you and your partner ever experience a serious disagreement that appears to be irreconcilable, you and your partner may be able to reach a solution with the help of mediation. This valuable resource may be a promising solution to restore organizational harmony before contention destroys your partnership. 

By creating a partnership agreement, being proactive about discussing disagreements and utilizing professional resources as needed, you can prevent disputes from slowing organizational success. For more information about running your business, visit our web page. 

 

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Gatlin Voelker,PLLC

Gatlin Voelker, PLLC
2500 Chamber Center Dr. Ste. 203
Fort Mitchell, KY 41017

Phone: 859-781-9100
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Call : 859-781-9100