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If one of the realistic alternatives identified is to pursue an alliance or joint venture, however, another party becomes part of and critical in your overall success, or failure. It will also have its own identity, vision, mission and strategy, which should be compatible and synergistic with yours, or at least can be adapted to help both parties achieve their long-term visions. |
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In all joint ventures and alliances, there is an implicit rule that is often forgotten or ignored and that is that both parties should feel that they are wanted, needed, trusted, respected, and will benefit from the joint venture/alliance. If either partner feels used, abused, or taken for granted, the partnership will fail. This effect can be minimized through an intense internal and an external assessment of your own organization and your potential partner's. There needs to be a clear understanding of who and what a company is, what it wants (i.e., goals and expectations), where it plans to go, along with when and how it plans to get there, before any external arrangement can be struck. |
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After there is a clear understanding of your own organization's goals, needs, and expectations, an active effort can be initiated to seek a partner which appears to be a good match. As in many personal relationships, a potential partner is often identified by visual cues, i.e., does the potential partner look attractive. However, if a short list of potential partners is developed based only on superficial characteristics, the chances of developing long-term relationships are significantly diminished. The potential for surprises, unknown habits, and/or the realization of cultural differences can and have destroyed more than one alliance. |
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The key to any long-term relationship is to really get to know your potential partner, know their parents, if there are any, as well as their brothers and sisters, i.e., know of other partners and their other relationships to determine if the partnership you are trying to strike would create a conflict at any level. Therefore, an in-depth review and assessment of all potential partners is essential. Hopefully, the following steps will help guide you through this process. |
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IV.
Dancing: Corporate Chemistry, the Science of Compatibility |
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The following are key factors, issues, and concerns that should be addressed early. |
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