Good Partners
Developing good partnerships demands common ground, open communication, complementary strengths, and ultimately formalizing the relationship.
Partnership means many things in many different contexts. For purposes of this post, I am reflecting broadly on when two people or two companies get connected and embark on working together in partnership to achieve some common goal. Partnership involves both sides giving something to the mix – and hopefully taking some benefit away from the collaboration that advances their interests. Lately, I have been thinking about building partnerships in a number of different contexts and am reminded of some patterns that promote success.
First, the foundation of a successful partnership is that there is some common goal or objective that is shared between the partners. If there is no common ground, there is little to build a partnership on. Examples might be individuals with complementary skills who share a common goal of building a particular type of business together or companies who have identified a business opportunity that can be more effectively pursued when the assets and capabilities of the parties are combined. When you start considering whether a partnership is the way to go, make sure you can identify that common ground element where both sides benefit.
Second, in the beginning, potential partners will spend some time feeling one another out to determine if there is good alignment. This process requires both accurate self-awareness and open communication to enable both sides to discover what might be possible together and how they might work together. Candor and transparency are critical to beginning to build the essential trust that underpins a good partnership. For example, one potential partner we are engaging with recently said, “We appreciate the candid nature of the conversation. It is always a pleasure to connect with a team that [shares our goals and values].” This is a good sign that we have the potential to build a good partnership together, and both sides are advancing towards one another.
Third, over time and multiple interactions, good potential partners will begin to appreciate the other party’s strengths and discover ways to complement and support one another. In another example, a potential partner recently exclaimed, “You are really good at this!” That kind of response tells me that we are beginning to lean into one another’s strengths and finding ways to work together effectively. If there are complementary resources, skills, talents, assets, or other things that can yield synergy between the two parties, then a partnership can yield more significant benefits than either of the parties could have achieved on their own.
Fourth, eventually, at least amongst corporate partners, there will come a time when it will become essential to formalize the relationship with some sort of agreement. This process spells out roles, responsibilities, liability, payment, and other considerations that should be clearly documented so there is no confusion. While a certain amount of informal handshaking and trust can carry a partnership for a while, at some point, you want to be sure to avoid misunderstandings by putting essential points down on paper. If you cannot agree enough to formalize it, there may be more work to be done, or the hoped-for partnership may not have the required alignment to get off the ground. This certainly applies to corporate partnerships where many individuals (including management teams, sales teams, investors, etc.) may be involved in executing the partnership towards the identified goals – and it is always important to plan for the possibility that the individuals who developed the partnership may, at some point, move on from their current roles in their respective organizations. This idea also applies to business partners such as startup founders who should formalize their understanding of roles, equity, how one might exit, etc., with an agreement. At the same time, the relationship is forming and positive rather than later when life inevitably intervenes and throws unexpected monkey wrenches into things. It is far easier to lay out fair parameters for the relationship when both sides are striving to come together than to try to negotiate after something has come apart. Do not assume that just because you were friends at the beginning, you will always remain aligned later.
Partnerships can yield great value. Pursue them with integrity and generosity – and hopefully, everyone will find it a win-win relationship!
