Nobody wants a business partnership to fail…
So why do so many joint ventures, partnerships and alliances go wrong?
The list is endless. But for me, successful business partnerships have three important ingredients…
Capabilities. The whole point of an effective partnership is to get access to skillsets, customers, connections, capital, opportunities and outcomes that you don’t already have. Avoid partnering with people who duplicate your own area of expertise.
Personalities. A partnership is about the people. If the deal looks good on paper, but there’s a question mark around the ‘chemistry’ – then walk away. There will inevitably be ups and downs with any partnership, so avoid sharing the downs with partners you don’t trust or respect – and vice versa.
Intellectual Friction. Having a difference of opinion is always useful, if it produces high quality, contrarian thinking. That’s how some of the best business decisions get made. But pointless arguments and being disrespectful are not useful.
When it comes to accelerating the growth of your business, partnering is in a league of its own. Just make sure you pick the right one…
#nextlevelgrowth #exitlaunchpad #M&A #partnerships #JV