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Building Your Business with Partnerships

About this episode:

Partnerships are tremendously valuable in your business growth strategy. They can be used for virtually anything: delivery in areas you don’t have experience in, to help cover an operational blindspot, for referrals and direct growth, to complete a product offering, affiliate deals, gainsharing, licensing… need we say more?

So let’s take the hour to talk strategy and tactics for developing win-win partnerships:

• The decision to build it internally… or engage a partner

• Building external partnerships

• Strategic alliances and joint ventures

• When things don’t go as planned

Part 1

Part 2

Part 3

Topics Discussed (with timestamps)

• Where should leaders be focused when it comes to establishing strategic partnerships? (01:13)

• Is there a best practice when it comes to terms and conditions in a partnership agreement? (07:56)

• What are the "stress tests" to see if the partnership is a fit? (10:57)

• When you want a monetary benefit but can only offer "brand visibility" (18:22)

• Partnerships dissolve due to cultural and strategic misalignments: Why do partners keep falling in this trap? (20:38)

• Brand Transfer: Absorbing the reputation of our partners (00:49)

• Prospective Partner Due Diligence: Do it yourself or hire a third-party? (03:20)

• Prospective Partner Due Diligence: Personality testing and credit checks (05:19)

• Partner Disputes: Who decides? (08:24)

• Outsourcing vs Insourcing: When to build the capacity internally vs when to partner with another organization? (11:19)

• Who is the better partner: A big firm vs a smaller boutique shop? (18:24)

• When should you take on a partner vs hire an employee or contractor? (22:33)

• Partnership Contracts: Non Disclosure Agreements (NDA) (24:30)

• Partnership Contracts: Non competes and non solicitation (00:30)

• Partnership Contracts: Problems with the 50/50 Partnership (05:05)

• Can an employer make a non compete with employees without making the document clear first? (09:27)

• Randall in the hotseat: Partnerships is one of your favourite topics: Why do you think that is?(16:40)

• How is it that some leaders are mindful about developing partnerships and others are not?(22:10)

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