Would a Partner(s) Make it Easier to be Successful?
By Roberta M. Fisher, Gadd Business Consultants
Viewing the Gadd Business Consultants Mergers and Acquisitions videos on Youtube.com will answer many of your questions and assist you in your decision prior to entering a partnership. You must perform your Due Diligence on the company and the owner(s) you are contemplating merging with prior to the merge. Partnering with another company can expand your customer base, give you free advertising and provide more value to your current customers.
Find the partner(s) you would like to go into business with and then work together for a company that will benefit both/all of you. Below is a list of four ways to ensure you have a successful partnering.
Set Clear Expectations
Make sure you have a strong connection with the company you partner with. What will the business structure consist of, what will the partnership provide for each company, what are each company’s responsibilities?
Consider Your Partner(s) a part of the Team
Be sure to set up goals for each company to accomplish, so competition is not generated between you. Be sure to be watchful for any overlaps and address them prior to the merge. The merger can provide learning, growing and benefits from each other’s knowledge and the experiences they have had.
Give the Partnership Room to Grow
Allow each side of the company to grow in technology, extend resources and allow employees to be innovative regarding new products, marketing strategies and more. Sharing resources will make for a valuable partnership over time.
Make Honesty and Transparency Your Watchwords
Honesty and transparency will be required in order to have a long-term success from all partners. Remember to keep the lines of communication open and frequent. Be up front prior to the merger as to what you and your company’s strengths and weaknesses are. Transparency is key to both sides capitalizing on each opportunity and will also learn together from your failures.
Reference: Gadd Business Consultants – Youtube Video – Mergers & Acquisitions I & II and 4 Ways to Build a Successful Partnership by Rhett Power, Head Coach, Power Coaching and Consulting