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CEO Minute Article – Top 10 Considerations When Choosing Partners

28 Jul, 2010

CEO Minute Article – Top 10 Considerations When Choosing Partners

Top 10 Considerations When Choosing Partners

Before allying with another, it’s important to understand what you want and need from a partner, and what you have to offer. Consider reputation, scope of services, compatibility of style and culture, commitment, financial capacity, skills and resources.

Following are 10 questions that may be helpful in this process:

  1. How might my company’s mission, ethics and values attract and be compatible with this business; in what areas might they conflict with those of the business?
  2. How might an alliance with this business/department serve my primary clients and the community?
  3. What benefits might this alliance provide to help my business further its mission?
  4. Would this alliance help generate business? Enhance my company’s image? Reach new markets? Strengthen company culture? Improve business and social conditions in the community?
  5. What assets and capabilities might be exchanged in this alliance? What might my company provide and expect to receive? What might this business provide and expect to receive?
  6. How will this alliance be incorporated into my company’s operating plan? What costs might this alliance involve?
  7. How much leadership and management time would this alliance project require from each partner? What other investments of resources might be required?
  8. What risks might this alliance involve? What risks to each other’s reputation? What financial risks? What is the benefit/risk ratio?
  9. What differences need to be addressed in any of the above?
  10. What resistance to change might create barriers, either in me, my company or in the other business?

Maria Hebda