Master the steps to launch a new partnership deal

- There are five stages of a successful corporate partnership. They are, sourcing a new strategic relationship, exploring win-win opportunities, drafting and signing initial agreement, implementing relationship and determining broader potential of the relationship. In my Business Development Foundations course, I discuss each in more detail. This course focuses on steps one, two, and three. The steps that lead to the signing of the agreement. The sourcing phase can feel amorphous and you might wonder how to know if you're on the right track. Make sure you're having the right conversations with the right people at the right organizations. There's an old joke about a guy who's on his hands and knees under a street lamp, obviously looking for something. When asked what he's looking for, he says, "My keys." "Oh, so you're pretty sure you dropped them around here?" "No," he says, "I'm pretty sure I dropped them three blocks over, but the light is better over here." In other words, he was looking in the wrong place, because it was more comfortable. The same holds true for deal makers. Are you hunting for partnerships with nice people who aren't decision-makers? Or companies that aren't strategic to your business? Your manager will want to know if the opportunities you're discussing align with the goals of your organization, and how much of an impact the partnerships might have if successfully executed. At a minimum, they'll want to see that you're establishing relationships with deal makers in your ecosystem. Ideally, you're exploring ways to build one plus one equals three relationships. You want to make sure there's enough value for both sides so that there will be internal momentum after the deal is closed. There needs to be a lot of incentives for each side to invest and to stay committed. Don't rush this step. The more value you identify, the more likely both sides are to push through the challenges that will inevitably arise. When the time comes to draft the agreement, of course, you will start with the goals of the relationship. From there, you can get specific about the commitments each side is making. Make sure you consider what could go wrong and incorporate steps to protect your organization from potential issues. Are you getting your fair share in exchange for your contribution? Is this truly a good deal for your organization? You will be judged not just on getting the deal done, but on getting it done well. Seasoned deal makers can tell the difference between a rushed deal and one that is done with strategic intent. Writing everything down in a jargon-free letter of intent ensures that both parties have the same expectations and it makes it easier for lawyers to formalize. When it's actually time to sign, everything will go smoothly. Even as you're working on getting to yes with the decision-makers, you'll want to be thinking about how to get the deal implemented. Socialize the terms with your colleagues in operational roles who will be responsible for implementing the alliance. In the short term, you'll be judged on the type and structures of deals you're identifying and executing. But longer term, you name will be attached to the outcome of the partnership. Keep your long-term goals in mind from the very beginning.