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Idea Cafe's CyberSchmooz
Financial Feasts

Financing message forum where you can get and give insights found nowhere else. Belly up to the table and request funding. Or tell your money tales. Any money talk is fair game except ads.

The Latest Hot Topics:

Show Me the Money!
Belly up to the Financial Feasts table and talk turkey about money... what to look for, where & how? All money talk is fair game. Go

 

Strategic Partners

1. What's a Strategic Partner?

2. Who is This Good For?

3. When is This the Best Choice for Me?

4. When is This Not Advised?

5. Tips for Getting The Money.

6. Ingredients You'll Need on Hand.

7. Idea Cafe Tips.

8. Watch Out For...

1. What is a strategic partner?

You form an alliance with another company whose goals are congruent with yours. This goes beyond a transfer of cash and yokes your day-to-day and strategic operations to the other company.

2. Who is This Good For?

You have come to grips with certain weaknesses -- in your company, yourself, or both -- that need to be balanced.

For example, you have research expertise, your partner has manufacturing capacity.

Or, your firm operates within a certain geographic area; you have strategic partners, several similar firms, that operate in other areas. You can collaborate to get and service bigger contracts.

3. When is This the Best Choice for Me

You find yourself eyeing another company in your industry and saying to yourself, "if I had that, I could...." But you lack the money, time or other capability to build those resources fast enough to compete at the level you feel you need to on your own.

4. When is This Not Advised?

When the relationship is too one-sided. Like if you really aren't bringing anything to the table that your partner really needs or wants.

When you don't like to collaborate or can't stand putting up with typical reporting and other corporate-type requirements.

When you fear your partner is just going into this to take possession of whatever you have that they want, then leave you standing on the sidelines, left with less than you started with.

5. Tips for Making it Work

Negotiate upfront how you'll split profits and any jointly acquired assets, as well as liabilities and resolutions of any disputes that arise;

Specify in your partnership agreement how you'll divide the ownership of products you develop jointly, and any revenue streams from the sale, licensing, or production of the products;

Bury any paranoia: For this to work, you'll have to let your partner in on some company secrets.

6. Ingredients You'll Need on Hand

  • Patents
  • Proof of projects pending
  • Non-compete agreements to protect the interest of both partners
  • Basic financial package.

color business bar

7. Idea Cafe Tips

Test out the "waters." Work together on small projects first to see how the relationship feels

Be sure everyone remembers they don't "own" you (and you don't own them). Even if some equity is exchanged, the companies are still independent, although they must work closely together.

8. Watch Out For...

Companies that just want to learn your secrets, and are using the strategic partnership as the tool to do so.

Some big companies deliberately use strategic partnerships to groom take-over targets. That's good if you want to build your equity, but bad if you want to retain control.

 

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