In two previous blog posts, I discussed the goals and benefits of successful business "partnering". Now the how...
Guy Kawaski suggests that most businesses start the discussion with a potential partner poorly in that they are too quick to turn a legal document to bind the alliance to contract. Legal documents are seldom a good first tool for preliminary partnering discussions. Rather, start with business level discussions (with key players involved) to create the business framework of the alliance. Come to a shared understanding of the goals and benefits of each party - i.e., what does each want and need to achieve to make the alliance successful (and worth the cost and effort of administrating!).
Once the framework is in place, engage the attorney. However, make sure you engage an attorney who understands business law and genuinely enjoys doing deals.
Guy Kawaski suggests that most businesses start the discussion with a potential partner poorly in that they are too quick to turn a legal document to bind the alliance to contract. Legal documents are seldom a good first tool for preliminary partnering discussions. Rather, start with business level discussions (with key players involved) to create the business framework of the alliance. Come to a shared understanding of the goals and benefits of each party - i.e., what does each want and need to achieve to make the alliance successful (and worth the cost and effort of administrating!).
Once the framework is in place, engage the attorney. However, make sure you engage an attorney who understands business law and genuinely enjoys doing deals.
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