You started your business on your own and as it continues to grow you’re recruiting new team members. Next on the list is a business partner.
Bringing in the right business partner can do wonders for your company. In contrast, selecting someone who doesn’t fit can set you back significantly. The last thing you want is to end up in lengthy disputes with your partner. How can this be avoided?
Ensure that you are on the same page
Your business is founded on some core principles and a determined work ethic. It’s important to ensure that your new business partner fits into this organically. This is something that you can explore before making any long-term commitments.
Make sure you conduct a thorough interview process before making any guarantees. It might even be a good idea to implement a trial period to see how things go for a start.
Utilize contracts
It’s all very well having an individual’s word and personal guarantee. The problem is that people can go back on their word.
Even if you trust your new partner implicitly, it’s best to have everything above board and enforced through legally binding agreements. Contracts offer protection to all parties and you can even include procedures relating to how disputes should be resolved.
Partnership disputes can be complex and it’s possible that you may need a little help to find a resolution. Seeking legal guidance can give you a clearer idea of your options on how to settle a dispute efficiently and get back to focusing on getting the best from your company.
