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Options for resolving business disputes

On Behalf of | Aug 4, 2022 | Business Transactions

Running a business can be a stressful and unpredictable endeavor. Therefore, it’s not surprising that conflicts occur between partners even if they generally have a good relationship. Fortunately, Oklahoma and Texas law provide various options for those who need to resolve a dispute in a timely and adequate manner.

How is the company structured?

If you are having a problem with a minority partner, it may be possible to simply buy that person out. It may also be possible to use your status as majority stakeholder to simply ignore your partner and take unilateral action. This may mean that you dissolve the existing company and create a new one with a fresh group of investors.

Sell the company to new ownership

Ignoring your partner may not be possible if you have a relationship with them outside of work. For example, they might be your spouse, parent or close friend who you want to do right by overall. You may also need to take their needs into consideration if he or she owns at least half of the company. In either scenario, it may be best to simply sell the company and lock in a return on your capital.

Mediation may be helpful

Mediation may be best if you simply need help communicating with your partner. The mediator works to facilitate a healthy conversation between the parties seeking to end a business dispute without destroying their company. Having the ability to express yourself openly and honestly may make it easier to express why you’re upset or what the true cause of the conflict is. Even if you don’t reach an agreement through mediation, having a conversation may still move you closer to an amicable outcome.

A disagreement with a business partner may result in damage to your company’s brand and a reduced employee morale. That might result in fewer sales and an uncertain future for your firm. Therefore, it is in your best interest to resolve the conflict.