As a business owner, finding the right strategic partner can be a game-changer…
… particularly in helping your business to grow, scale and exit.
But not all partnerships are created equal, and choosing the wrong one can have serious consequences. So consider this:
+ Where are your gaps?
Look for partnerships which provide complementary strengths. This might include expertise in areas where you lack experience, focus or resources.
+ Same values and goals
Choose people to work with, who share those values most important to you. Whether that’s honesty, openness, dependability, or something else… these don’t have to be ‘corporate’ values, but deeply personal to you. Equally important are goals. If your goal is to exit the business within 2 years, make sure your strategic partner is on the same page.
+ Clear expectations
Know the outcome you want at the start. Be clear about the expectations and responsibilities of each partner in the formal agreement – and make sure it’s in plain English. Failure to get clarity at this stage is normally the primary source of problems further down the line.
+ Trust
Nothing works properly without trust. Track record, due diligence and personal dynamics are part of the equation. Following through (in deeds and spirit) on what was agreed at the beginning, will determine whether that trust was justified.
+ Flexibility
Nothing ever goes 100% according to plan. So make sure you have partners who are willing to work collaboratively and adapt to new situations. Having been clear upfront on values and goals.. this becomes more straightforward.
+ Mutual benefit
Always remember that a successful partnership is where both parties benefit and there is a fair exchange of value on both sides.