Strategic Partnership and JV Checklist

Strategic Partnerships:  Put really simply two or more business owners working together to help one another.  

They are NOT just the domain of big business, strategic alliances, joint ventures and partnerships (call them what you will) are the most powerful business development strategy available to small business owners…. but without some simple guidelines things can go horribly wrong.

Before implementing any strategic alliance, joint venture or partnership make sure you work through this checklist so you get your new relationship off to the best possible start.

Strategic Partnership and JV Checklist

•  Am I comfortable working with this person?
• Do we share the same values and ethics?
• Will the relationship reflect positively on my brand?
• Have I done everything possible to ensure that a relationship with my business will reflect positively on the other party?
• Do I have sound business reason for proceeding? What do I want to achieve?
• Is the timing right for me to proceed right now?
• Does the other person (s) have sound business reasons for proceeding? What do they want to achieve?
• Have we brainstormed potential ways that we could work together?
• Have we selected a specific strategy that has a realistic probability of achieving BOTH our business objectives?
• Have we selected a strategy that is within the capacity of both of us to implement? (Consider money, time and skills.)
• Have we selected a strategy that is appropriate for the maturity of our relationship?  (Use lower risk strategies earlier in a relationship. )
• Have we agreed on how we will measure the effectiveness of the strategy?
• Do we have agreed and realistic timelines surrounding the strategy?
• Have we agreed on an implementation process – who will do what, and by when?
• Do we have an agreed exit strategy in place?
• Are both parties genuinely comfortable with all aspects of the partnership? (Open and honest communication is essential.)
• Have we created a Strategic Partnership Agreement so that all aspects of the proposed activity are clearly understood and agreed by both/all parties?