On inheriting partnerships, identifying lemons and pivoting unexpectedly
Happy Partnership Wednesday!
Here are 3 ideas from me and 1 question for you to consider this week to create partnerships you never thought possible.
3 IDEAS FROM ME
I.
Due to lack of context, trust or just being new to a business, there is a tendency to dismiss the value of partnerships when they are inherited.
II.
Consider using the Rule of FIVE when you inherit a partnership:
F: Listen to five people connected to the partnership, the two people leading it (from each organisation) and three people who stand to benefit from its success. You’re listening for a consistent expression of the partnership’s purpose.
I: Identify the intent of the alliance in the partnership agreement
V: Look for objective measures that demonstrate the value of the partnership (hint: go back to the basics)
E: Evaluate the future of the partnership based on the insights above, remembering that it takes time to see the benefits of building a joint capability or ecosystem
III.
A lack of a signed agreement is a potent clue that an inherited partnership will be short lived. Why? Because the rules that guide a partnership exist informally the minds of a few and when they leave, change roles or circumstances shift, an objective playbook for how to move forward or resolve disputes isn’t there to help.
1 QUESTION FOR YOU
There are times when leaders realise their businesses ‘can’t do it all’ and they identify partners who might be able to help so they can focus on their core capabilities. You probably know what your business and team are really good at. You probably also know the things that are holding your business back so here is this week’s question:
What is one job or function that you would happily hand off (when you found the ideal partner)?
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https://philhsc.com/partnership/1-november-2023
Until next week,
Phil Hayes-St Clair - Host of the Partnership+ Podcast, listen here!
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