Throughout their lifespan, businesses are likely to face at least one big challenge. It may be a dip in sales, increased competition or even a legal dispute with a supplier, client or competitor. Anything that could lead to a lawsuit can be really tricky to overcome, particularly if it involves a divorce or separation that affects the wider business.
This is where expert dispute resolution can help. If you run a family business but relations between you and your partner have reached breaking point, there is the potential for a messy division of the company’s assets. Using dispute resolution will aid family business owners to share the business and any associated assets out without the need to go to court.
Around two-thirds of all businesses are family-owned, according to recent data. Many of them have experienced divorce or separation between owners in the past and survived. Some have done that because of resolving their issues without visiting the law courts.
Handling Clients
For dealing with clients who have not paid your business on time, business dispute resolution is a very useful service to call on. It can mediate or look at any out-of-court settlements that will minimise the amount of time, effort and money spent on chasing money owed by an unreliable customer.
Clients who don’t pay what they promised to can be chased up without the need to disclose the details to the wider public. If a solution is found, the client’s reputation will not be irreparably damaged. More importantly, the business taking legal action will have its money back in their bank account, where it belongs.
Added Privacy
Resolving a private legal dispute is useful for keeping sensitive news and numbers hidden. This is of great benefit to a number of parties, not least the business taking the legal action. Aside from the owners keeping the details private, any employees or customers may not need to know about what’s going on, especially if the case is successful.
For big businesses who enjoy a lot of media coverage or have a sizeable following on social media, privacy is very useful. The use of mediation, which then leads to out-of-court dispute resolutions, minimises the risk of the wider world finding out about what’s going on.
Businesses who want to follow up any lost payments or other issues such as copyright or disputes with employees will do well to go down this path. Less work is involved, while win or lose, it is arguably the most cost-effective means of ending anything where legal intervention is needed.
