I'm just back from a travel industry trade show and , once again, it is my experience that  the term 'strategic partnership' is being used to describe a pretty wide range of business relationships that may or may not fall into the category that I would consider to be true partnerships.

Many business executives when in sales mode seem to take a casual approach to peppering the dialogue with the plethora of strategic partnerships they have in place as a stamp of credibility.   It's as if  'strategic partnerships' has become the business equivalent to 'Facebook  friends'.  

Michael Eisner, in his book Working Together (Harper Collins 2011),  presents a compelling blueprint for building strategic partnerships that matter, that last, and that allow each partner to do their very best work. 

 His book highlights several well known successful strategic partnerships including:  Himself and Frank Wells (Disney), Brian Grazer and Ron Howard (Imagine Entertainment), Ian Schrager and Steve Rubell (Studio 54), and Arthur Blank and Bernie Marcus (The Home Depot). 

What becomes quickly evident is that while the industries, business situations, and hurdles were unique to each partnership, there are some common threads that ring true to any business today looking at establishing true strategic partnerships:

1. Both parties are in alignment on the definition of partnership - and they commit resources to support that definition.

2. Each partner has a clear understanding of the others' goals and objectives in entering into the partnership.  There is clarity of purpose and understanding of anticipated outcomes.

3. The tactical 'gives' and the 'gets' are clear, articulated, and non-performance impact on the success of the partnership is understood by all .  

4.  More than the partnership documentation, the personal relationship between the partners is paramount - it usurps all other business issues.  They know and care about the state of the relationship at all times.

5.  There's an exit strategy - it's clear to both parties what would need to happen in order to bring about an ending to the partnership.

In the end, you could ask:  Do strategic partnerships cause the success or does the success sustain the strategic partnership?  And, in reality, the answer is a little bit of both.

Take an honest look at the business alliances you have in place today ....do a gut check on the 5 points above.  And, then, reach out to each one and have a talk - it's time. 

 Thanks for sharing your second cup with me,   

 
 Mike Malinchok, CPC 
 President 
 S2K Consulting, LLC