From the course: Strategic Partnerships

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Step 2: Choose your partner wisely

Step 2: Choose your partner wisely

From the course: Strategic Partnerships

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Step 2: Choose your partner wisely

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- Once you know why you need a strategic partnership, step two in your planning should be to choose a partner wisely. This is easier said than done because you'll have to negotiate with your choice to see if you can make a deal. A partner you want, maybe doesn't want you, or you may fail to agree on the terms of the deal. So before you jump into those negotiations you should make a list of several partners and the pros and cons of each. You may be surprised at how many well-meaning executives skip this step of making a list. All too often, companies jump into a partnership head first and neglect to evaluate the alternatives. So to avoid this trap, use a simple tool to estimate your fit with various partners. Start by making a basic table. In the rows of this table, you'll put the criteria by which you rank your choices. The columns in the table, will show how different partners fulfill your criteria, so you can compare them with each other. In reality as you work through your options,…

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