As a business owner, you should value your business relations above many other things. This is the lifeblood of a healthy business and you will find yourself struggling with success if you cut your ties and end your relations in a messy way.
One way you can preserve ties is to simply avoid litigation. Instead, consider an alternative dispute resolution method.
FINRA looks into some of the alternative methods available for resolving partnership disputes. You can go for mediation or arbitration instead, both of which serve as popular choices for others in your shoes.
Arbitration serves as a similar option compared to litigation, except without the hassles of taking a case to court. An arbitrator shares a lot of a judge’s power, especially the ability to make decisions and legally bind you and your partners to it.
However, you do not have to deal with the expensive fees, the wait time associated with court cases, or the lack of privacy due to the publication of all court documented hearings.
Then, you have mediation. This option serves individuals who think they can work through their problems with just a little extra guidance. If you and your partners think this sounds like you, you may want to check this option out.
A mediator acts as a referee of sorts, providing guidance and suggestions without having a say in the exact and definitive turnout of a dispute. Instead, they facilitate your ability to reach that conclusion on your own, which often allows you to preserve the good nature and will of your business ties at the same time.