Four Things To Do Before Business Partnership Mediation
Partnership disputes are often well-suited for business mediation. Under Florida Statutes § 44.1011, mediation is defined broadly as a “process whereby a neutral third person” works with the parties in order to “encourage and facilitate the resolution of a dispute.” When successful, mediation can save time, money, and help to maintain working relationships.
If you are considering meditation for your partnership dispute, it is imperative that you are well-prepared. Meditation is only as effective as the work that goes into it. Proper preparation will increase the chances of a successful mediation. Here, our Miami partnership dispute lawyers highlight four key things to do before entering mediation for a business partnership dispute.
- Ensure that the Other Party is Willing to Mediate
First and foremost, it is important to emphasize that mediation is a voluntary process in Florida. If you and your business partner are in a dispute, it could be the right option. That being said, you are neither required to mediate a partnership dispute, nor are you required to reach a resolution during mediation. If your business partner is unwilling to mediate in good faith, it may not be the best path forward.
- Consult With a Business Mediation Attorney
Business mediation is complicated. All parties involved in a commercial partnership mediation in Florida should be represented by legal counsel. It is best to retain an experienced South Florida partnership mediation lawyer as early on as possible in a dispute. A proactive approach will help you increase the likelihood of a successful outcome in mediation.
- Get Organized: Gather all Relevant Information
Prior to the start of mediation, it is crucial that you get yourself organized. Make sure that you have access to all relevant records, including:
- The partnership agreement;
- Financial transactions; and
- Anything else relevant to the dispute.
The most information that you have in your possession, the better you will be able to navigate the partnership mediation. You do not want to be caught off guard in the meditation process.
- Know When to Agree (and Not Agree) to a Settlement
Finally, you should always enter the mediation process knowing exactly what you can and cannot accept as part of a settlement. As mediation is fully non-binding in Florida, you always have the right to try mediation and then later exit the process if you cannot come to an agreement. One of the key parts of preparing for business partnership mediation in Florida is knowing your goals.
Get Help From a South Florida Partnership Attorney
At Pike & Lustig, LLP, our Florida partnership lawyers have considerable experience representing clients in mediation. If you are currently locked in a dispute with a business partner, mediation may be the best path forward. We are ready to help you get prepared for mediation. Give us a phone call now or send us a direct message to set up a confidential initial meeting with an attorney. We handle partnership mediations all over Florida, including in Miami, Fort Lauderdale, and West Palm Beach.