Compiled by Peter/CXO Wiz4biz 7/13
It seems so impressive, if you are Partnering with a top dog – like Microsoft, Google – or another recognized company (if only by Geeks). But there are many other organizations, where you both could mutually benefit from Partnering.
1. Does it make sense Financially? No? Is it because it’s a friend of one of the Executive Staff or Board of Directors? Make the criteria simple. Will it increase Sales or reduce Costs? Have your Accountant re-calculate with the Financial Projections of Partnering. Is the credibility, visibility worth it long-term, if the numbers aren’t that exciting?
2. Define the Dis- & Advantages. How will it affect revenue, costs, new market, new products or services?
3. Do the Middles & Bottoms like the Deal? It’s not just a deal of Top Management. Have an “open & candid” meeting with the potential Partner to discuss the Dis- & Advantages. Listen! If you can’t remove serious obstacles, consider canceling the deal.
4. Accent Strengths, but don’t hide Weaknesses. Organizatons often Partner to strengthen their weakness. Are the strengths strong enough to overcome the weakness? Can the weakness be reduced or eliminated?
5. Cut “Win-Win” Deals. If one side is much stronger, they shouldn’t dictate terms. It should be a Partnership of relatively = benefits & control. If you feel bad Karma, poor cooperation, it’s a Win-Lose deal and eventually, you’ll both lose. A bitter seed of resentment, will grow a mean week of destruction.
6. Include a Cancellation Clause, so that either Partner can easily terminate partnership, if it’s not working out. Would you believe, “Easy Out” would be a motivator? A partner thinks: “We’d better keep our end of the deal, because we need these guys to succeed. If we don’t succeed, they’ll walk and that would hurt us”.
[ Ask Women, Face time, Drafting the Deal, Pick Champs in Premium Content)