Having been on the receiving end of two company acquisitions, I’ve learned that there are two basic rules that if followed, would heighten the probability of success. First, as the acquirer, know as much as possible about the culture of the acquiree and secondly, make things better for the acquiree than it was prior to your arrival. These common sense rules could be applied to partnering as well. Know everything you can about the company you are partnering with to where the merging of missions, goals, leadership, and team members synergistically works better than before. This integration creates a natural interdependence to where what is good for you is good for me and vice versa. Where you have true skin in the game commitment.
Most partnerships start out with good intentions, but oftentimes they are unsustainable because of poor communication and inconsistent level-setting. If your intentions are to have a thriving partnership then cultural alignment, expectation setting, ongoing management, and consistent communication are essential. Plus, both parties need designated champions for the relationship. These champions need to not only have the autonomy, but the authority to escalate when and wherever necessary. There also needs to be a level of flexibility to where ventures remain alive with optimism for both parties. This sort of flexibility breeds mutual respect and trust within partnering organizations.
Trust is the ultimate factor in partnership sustainability and is earned when your actions align with your words, all the time! I’ve also found that when venturing into the most uncertain of situations that trust is what keeps the partnership emboldened. Anyone can happily partner when everything is going according to plan, but it takes true commitment, character, and trust to stay the course when the proverbial crap hits the fan. This type of commitment needs to permeate both organizations to promote a natural commitment to the partnership. At GlobalStar Consulting, we value our partnerships and will do anything in our power to preserve the integrity of what we have established with our partners. Our commitment is steeled and not for sale.