“Successful business partnership” – recording of the discussion with Barri Carian

“Successful business partnership” – recording of the discussion with Barri Carian

Successful partnership is the key any business success, whether it is within a team, or externally with other people or entities. In this lively and interactive talk, we discussed with Barri Carian why someone should consider getting into a partnership, the difference between a business partnership and a strategic alliance. We then went through the 3 stages of partnerships: the “dating” phase before, the formation stage, and the post formation stage.  Here are some of my notes from the discussion:

(A special thanks to my sponsor Wistia for providing video hosting for AsAble.com)

Partnership: yes or no?

  • Ask yourself why you need a partnership
  • What are the alternatives
  • What is your expectation and what equity are you willing to give up for it

Dating phase:

  • Take time, get to know the person
  • Make sure the person share the same value
  • “Test drive” by working on small projects together
  • Have a clear and open discussion about expectation and contribution
  • Inspire the partner with the winning vision, strike for a bigger pie together rather than fighting over how big a slide is
  • Inspire trust

Formation phase:

  • Make sure the agreement is in writing
  • Make sure it has vesting schedule to provide a safety net
  • Make sure it has a buy/sell clause
  • Negotiate with a lawyer for a delay payment deal so s/he can help with setting up the partnership properly

Post formation phase:

  • Have regular check up, communication with each other not just about the business but about the partnership itself
  • Resolve any problems quickly by open communication
  • Bring in an unbiased 3rd party to help with the discussion if needed

Thank you, Barri, for coming to TheStartupAngel.com and shared your 17yr of experience in this field.  You can download a whitepaper on the topic from Barri’s website.  Special thanks to those who were participating to the discussion, in particularly Aaron Crayford for bringing in valuable insight.

More on Barri Carian: Over the past 17 years, Barri Carian has developed an expertise on what it takes to create a sustainable business partnership, from choosing wisely to feeding and nurturing the relationship. Most of this knowledge has come from conducting dozens of “partnership interventions”, in an effort to save the relationship, the partnership and the business.

Barri just released “Creating Great Business Partnerships. A Workbook For Success”. The workbook is a culmination of her experience and contains the methodologies and tools she uses in her work with business partners. It is designed as a self-help workbook and is filled with tons of valuable exercises, checklists and tools.

Stay wonderful.

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