Slow Full Text When using multiple full text searches
One common work-around for slow OR performance is to separate the parts and UNION ALL them back together:

select * 
from dbo.company p with (nolock) 
  join dbo.alt_company o  with (nolock) on p.org_id = o.org_id 
where CONTAINS (p.description, '"phrase1*" OR "phrase2"')  

UNION ALL -- note the "ALL", this will prevent a "DISTINCT"

select * 
from dbo.company p with (nolock) 
  join dbo.alt_company o  with (nolock) on p.org_id = o.org_id 
where CONTAINS (o.description, '"phrase1*" OR "phrase2"')  


You may be able to optimise further by referencing dbo.company only once in each part; I'll leave that to you to decide according to your needs and business rules.

Oh, and stop using select * and WITH (NOLOCK).