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Leveraging Partnerships

Let’s talk today about leveraging partnerships

Business partnerships can be tough, but I’m not a fan of the particular ways that we tend to think of them.

 

 

A true collaborative partnership is when you have a business and come together for a strategic purpose with someone else who also has a business. 

This kind of partnership creates synergy that allows you to do more together than either of you could do alone.

Instead of a partnership agreement, you can also do a joint venture agreement

When the project is over, there is no legal entity binding the two companies together, so they can split and then come back together if they want to later on.

These strategic collaborations can be very powerful

It’s risky and takes a lot of overhead and infrastructure to do too many things under one umbrella – even your own.

If you find other people with unique abilities that they are very good at, going into a joint venture can be a great way to build leverage in your marketplace, and in your own business momentum.

But you’ve got to look for business people who think the right way. 

Someone whose very first question is “What’s in it for me?” is probably the wrong person for a collaborative partnership.

You need someone with a long-game outlook on life, so that your relationship is about looking for the bigger piece and bigger synergy.

People who are needy for cashflow may not be the best people to go into partnerships with, although it’s more understandable if a company is just starting. 

You want to make sure that both of you are adding value. Everyone brings something to the table: capacity, labor, resources, technical aspects, equipment, or capital. 

Weighing all of these factors will help you determine your split.

But get everything down on paper – your endgame and what you both want.

Working with good people can make these types of partnerships relatively easy

I’ve done it many times and can vouch for it being one of the best things you can do in life.

To your freedom!

– David

 

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