As a business owner, one of the most important parts of running the business involves protecting your ties and relationships.
Of course, a crucial part of this maintenance includes preventing any arguments from permanently tearing a business duo apart.
The purpose of mediation
FINRA looks at mediation as an alternative to litigation. Mediation exists as a way to avoid the hardships and problems associated with taking a case to court. Specifically, it allows you to avoid the court fees, the time it takes to put a case through court, and the irreparable damage it can do on a business relationship.
On top of that, it also avoids the public record that all court cases have. When you take a case to court, it will get recorded in full detail, the report of which is available for the public to peruse at will.
If you want to protect your reputation, your sensitive information and your ties to a business partner, you should consider mediation. A mediator takes the place of a judge, and you do not have to go to court. Instead, they help you and your partners come to an agreement together, which will solve the problem that started the dispute.
Who does it work for?
Mediation works best if you already have a feeling you can largely work through the issue on your own, or with some structure and guidance. If the stakes are too high or emotions run too hot, mediating may serve as a struggle at first. However, it is an option available for anyone to try, and it is often best to start here.