From the course: Strategic Partnerships

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Step 5: Earn your share

Step 5: Earn your share

From the course: Strategic Partnerships

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Step 5: Earn your share

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- At this point, you've developed a strategy, selected a partner, struck a deal, and now you're managing the partnership like a pro. What's left? Well, of course you want to get paid. Your company deserves a return on its partnership investment. Unfortunately, the partnership will not cut you a check. You have to claim your share of the winnings, that is step five in the partnership process. This step also is more than a one-time event, just like managing the life of the partnership. So, for the duration of the partnership, you must keep your eye on the benefits that your organization receives from the partnership. How do you claim your share? It can be tricky. In part, you'll earn your share by following up on the terms of your partnership agreement. You may have signed up for a royalty on your partner's revenues or you agreed to distribute the profits from a joint venture or you're due milestone payments for achieving certain goals. In each situation, you'll need to keep track of…

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