Partnership disputes are bound to happen at some point during your career. While it’s sometimes possible to take steps to prevent these from occurring, you also be prepared to protect your firm if one happens.
It’s important that you never allow a partnership dispute to affect the way that you’re handling your client’s financial matters. It’s likely best if you try to only discuss the issue away from the office so that none of the employees are privy to what’s going on.
While others in the firm may keep the contention quiet, there’s a chance that someone will alert a client, which could make them uneasy about continuing to do business with your firm since clients want stability in their financial advising firm.
Avoid waging war with your business partner
The last thing that you want to do is wage war with your partner right away. Have active listening sessions so you and your partner can try to determine how to handle the matter. The back-and-forth exchange of information may help everyone to see the situation for what it truly is.
Lean on your partner’s experience
Each partner likely has certain areas they have more experience in than the other partner. Using that experience to help come up with a solution to the problem may be beneficial. If your partner is the one who’s intimately familiar with the area of contention, keep an open mind and try to see things from their standpoint.
There are times when partners in a financial firm simply won’t be able to work things out. Understanding your legal option is critical in these cases because the firm can suffer if you don’t make the correct decisions.