May 21st, 2011
How Do You Pick the right Strategic Partner?
A expanding as well company is expanding in its primary market vertical and into new verticals. There are a variety of companies enthusiastic about strategic partnerships. How would you make certain you pick a qualified partner in the right space?
Notes from the conversation with Jim Soss, CEO, Red Aril
At the conclusion through the day it comes down to a link using the partner which extends in the leadership all the way down to the partner’s employees that will execute the plan. Search for evidence of cultural synergy involving the two organizations. Do managers and employees of the two companies “click” or is it oil and water? This is a gut assessment.
* Is the quality of individuals complimentary between the two companies? It is possible to similar drive for quality and attention to detail?
* Will technical integration between the two companies be smooth? Are systems complimentary, or is there a minimum of the correct skills on both sides in order that technical integration will not likely support the project back.
* What are the marketing and advertising approaches of the two companies? Will teams have the ability to communicate? What about the finance and back-office teams?
You’ll want strategic commitment across multiple departments and quantity of a two organizations. Partnerships fail when there is alignment at the top, but not deeper. It is difficult for senior visitors to shove a whole new opportunity down the throats of those that report to them. There has to be excitement about the opportunity across each party in the partnership.
* There needs to be complimentary competencies, capabilities and commitment. This requires thorough required research.