Disputes between business partners are common. In some cases, they need to meet with a mediator to address these issues and find a solution. Compromise is necessary for the health of the business, but the partners may struggle to arrive at that compromise on their own.
But why do these disputes happen? Below are a few of the more common reasons.
Issues about money are a common source of conflict. For instance, maybe one person is taking a disproportionate amount of the money coming in, rather than splitting it fairly or having each partner take a similar salary. Or perhaps one partner is spending money in ways that were not approved by the other. Both people must be on the same page when it comes to finances.
Priorities and vision
Additionally, each partner may have different priorities and things that they think are important. They may have a different vision of where they want to take the business. This can often lead partners to feel like they are working against each other if their visions lie in opposite directions.
In some industries, creativity is very important. There can certainly be issues when partners do not agree about things like branding, marketing, product design and much more. These partners may have started out with similar ideas and then diverged somewhere along the way, leading to the dispute.
Regardless of why the dispute occurs, finding a solution is critical for the business. Partners who are involved in this type of conflict need to carefully consider all of their legal options.