People often go into business partnerships with rose-colored glasses on. They sign agreements that cover only the bare necessities of accounting, finance, and law, believing that the road to a blissful and profitable relationship will be an easy one. However, reality often defies their expectations as conflicts arise, jeopardizing what was supposed to be a smooth partnership.
Lack of profits, broken agreements, etc. – these are the usual suspects of partnership disputes. But not all disputes are rooted in financial or contractual issues. In many cases, tensions develop between partners because of differences in personalities, goals, and values.
You see, a partnership is like a marriage. In order for a partnership to work, everyone has to address their own flaws, discuss what they want from each other, and harness their differences into a positive and productive force.
Mediation is a proven way of accomplishing exactly this even when the road has gotten rocky.
With the help of qualified mediators, conflicting partners can put all of their grievances out there, discuss their expectations of one another, and refresh their relations and refocus their efforts. They can also draw up a “Business Charter” that clarifies what everyone’s role is in the company and how to operate together.
Overall, mediation is an excellent and cost-effective alternative to litigation. Even more, it provides a way of salvaging a partnership rather than wrecking it.
Want to learn more about whether mediation is right for your partnership dispute case? Feel free to contact the renowned NY business lawyers at The Internicola Law Firm, P.C. We have helped many business co-owners resolve their disputes in an effective and efficient fashion. You may call us at (718) 979-8688 or fill out an online contact form to schedule a consultation.