Partner selection is one of the most essential steps for every successful business partnership or alliance. The fact that two people like each other may be a good foundation for a marriage, but it rarely is for a business partnership. When the partner selection is taken too lightly, the partners might end up with costly situations due to friction in their partnership or, worse even, end up with a failing partnership. The investments that were made will go down the drain without a return. Therefore, successful partner selection requires a structured approach.
Regardless of the size of the organizations, many elements play a role when bringing two different organizations together in a successful partnership. You need to make a couple of assessments on your own readiness and assess the partner’s organization based upon the value proposition that you plan to work out with a partner.
In The 4-step guide to successful partner selection I will show you how to perform partner selection in a structured way, one that will create the foundation for a successful partnership. The structured, but pragmatically approach is based on best practices from highly successful partnerships and applicable for every organization, regardless of size.