To effectively mediate a partnership dissolution, preparation is key. Make sure everyone has all the relevant documents. Be prepared to think out of the box!
Partnership Dissolution is a Bit Like Ending a Marriage
Ending a business partnership is a bit like ending a marriage. Assets have been accumulated and need to be divided. Depending upon whether one or more partners will continue in the same line of work, client relationships need to be addressed. There are also liabilities that need to be addressed.
Partnership Mediation Checklist
1. Review your documents and evidence Gather all the relevant evidence and organize it. Review it all carefully. Understand the other side's position and review their evidence. 2. Bring key documents and evidence to refer to & support your arguments Preparation is key. Having everything there to assist you can only help. 3. Work with your attorney to determine your "bottom line" Spend some time preparing with your attorney in advance (not the morning of). 4. Understand the other side's claims (your weaknesses) and prepare to address them head on So that you can make informed decisions, you should be aware of your case strengths and weaknesses. 5. Consider many different settlement options (payments over time, restructuring, etc.) Think out of the box. Money isn't always the only way to resolve a matter in Mediation. 6. Don't draw a line in the sand early in the Mediation You want to remain open minded and keep the process going as long as progress is being made.
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