As business partners come together, there can be mixed opinions about the direction of the partnership they have formed. Partners stand on equal ground in a partnership and sifting through the important decisions can be a strain on that relationship. Disputes often arise, many of which can be resolved on their own. There are times, however, when the intervention of a third party may be necessary to mitigate the issues around the dispute and keep these issues from jeopardizing the stability of the business.
Mediation for New Partnerships
The agreements made in a new partnership are important factors in determining how the business will function. As partners are just beginning to work together, it is very crucial that everyone be on the same page. Mediators have the professional training and experience to navigate discussions between new business partners. They can help to guide and advise the partnership based on the strengths each partner brings to the table. They can also help draft a business partnership agreement, which helps the business start off on the right foot.
Mediation for Partnerships Experiencing Disputes
In situations in which partners have a dispute, bringing in a third-party mediator can often be the most effective solution. Having a neutral party that can take an outsider’s view can help guide the partners toward a more amicable solution in which all parties can be satisfied. To work out these disputes, professional mediators can meet with each business partner individually, listening to them present their views on the situation.
The mediation process is confidential, practical, and cost-efficient. Once the mediators have analyzed the issues, they work to come up with a solution everyone can agree on. Each partner brings different strengths to the table, and professional mediators can see and understand these strengths and communicate them to the other partners. This can often help partners see things they may have previously been missing, allowing them to gain a whole new perspective on the issue. This type of approach can allow the partners to develop more creative solutions that highlight their strengths.
Another advantage of the mediation process is that it helps participants decide whether or not a dispute is able to be resolved, or if the differences are irreconcilable. If they can come to an agreement, then the partnership will most likely emerge much stronger. If they find that the major issues between them cannot be resolved, then they may have to have a discussion about dissolving the partnership. Either way, business partnership mediation participants are able to gain immediate clarity about what needs to happen next.
Addressing business partnership issues and coming to terms on the direction for their business can be a major challenge. Mediators have the experience, training, and expertise to work successfully with all types of disputes and partnership agreements. Mediation allows for a neutral space for all parties to speak openly about their thoughts regarding which direction the company should go. And after taking in the whole story from all partners, mediators can help the partnership develop a winning solution for their business.