OPERATIONS
PARTNER CONTRACTS
Building a Partnership That Thrives TO BENEFIT FROM A BUSINESS PARTNERSHIP, ADHERE TO A WRITTEN CONTRACT THAT OUTLINES EXPECTATIONS, DELIVERABLES, AND HOW PROPRIETARY INFORMATION WILL—OR WON’T—BE SHARED.
by Taylor Miller
hink for a moment about a few of the most successful
than either could have originally imagined. On the other hand, in some cases, the perceived advantage either doesn’t pan out or seems to only benefit one of the parties involved. The bottom line is that business partnerships should be carefully considered and built upon a strong contractual foundation that provides clear expectations, deliverables, and shared proprietary information for the companies involved. Here are a few suggestions to consider as you build a thriving business partnership.
T
FULL ASSESSMENT Before agreeing to a partnership, identify the strengths and weaknesses of your own firm. Doing so will give you an opportunity to do a deep dive on your team and your operations to identify where you potentially need help. Consider these questions: • Is my goal in partnering to enhance my strengths or to supplement my weaknesses? • Should I entirely outsource my areas of weakness?
corporations in the world. It is a fair bet to claim that none of them ascended to their peaks alone. In fact, they likely had partners who were critical to their industry rise. Simply put, partnering with another company means sharing cumulative business experience to deliver a superior, more convenient product to shared clients or consumers. Some partnerships begin with a perceived business advantage and grow to benefit each company more
36 | think realty magazine :: january – february 2023
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