On framing the end game and knowing how long it will take to close the deal
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.
In the same way it’s difficult to predict the future, the end-game (ie the positive potential of working together) of a partnership will only be known with time.
II.
It can take 3-5 conversations for both parties in a partnership to be clear on the end-game (and the potential to transform each of the businesses involved in the partnership).
III.
Lower the uncertainty and perceived risk of entering a partnership by nominating a partnership duration and creating three scenarios to describe the end game (worst case, medium case and best case). This has the added benefit of collaborating with future partners to understand their language, ambition and incentives.
1 QUESTION FOR YOU
Every organisation runs at its own pace. This can be frustrating for smaller businesses that are built for speed (and for those in larger companies wanting to run faster).
For those in small business there is a two-part question you can ask to understand how long it might take to have a partnership agreement signed, sealed and delivered. The first question talks to the approval process and the people involved. The follow-up question provides a worked example to help you understand how this process works in reality.
Can you help me understand the approval process for signing off on our agreement? And what similar agreements have gone through this process?
Want to share this issue of Partnership via text, social media or email? Just copy and paste this link:
https://philhsc.com/partnership/25-october-2023
Until next week,
Phil Hayes-St Clair - Host of the Partnership+ Podcast, listen here!
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