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What is
Corporate Partnering?
Corporate Partnering is the joining of two or more companies to
exchange resources, share risks, or divide rewards from a joint
enterprise.
Corporate Partnerings can take any of a number of forms such as:
a strong relationship with a major customer, a partnership with
a source of distribution, a relationship with a supplier of innovation
or product, or an alliance in pursuit of a common goal.
Sometimes partners form a new jointly owned company. In other
instances one partner purchases equity in the other. Most often
the relationship is defined by a contract.
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The
Quickest Way To Grow
Partnerings and alliances are
the quickest way to grow your company, particularly in times
of change. Without implementing difficult and time-consuming
internal changes, they allow you to:
- Rapidly move to decisively seize opportunities
before they disappear.
- Respond more quickly to change.
- Adapt with greater flexibility.
- Increase your market share.
- Gain access to a new market or beat
others to that market.
- Quickly shore up internal weaknesses.
- Gain a new skill or area of competence.
- Succeed although your company lacks
otherwise key resources.
Partnerings
and alliances can rapidly meet your needs for key resources
such as more customers, additional capital, new products, better
products, new distribution channels, additional facilities,
increased production capacity, or more personnel.
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Selecting
Corporate Partners
Few
companies have everything that they need. You may need money,
customers, or product.
No matter what you need, there is someone who has it. That someone
is a potential Corporate Partner.
Look for someone who has resources or knowledge you need - someone
who shores up your weaknesses.
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Three
Vital Steps to a Successful Partner Search!
1.
Determine what it is you need but don't have: this can be
customers, capital, special expertise, personnel, products,
or distribution channels.
2.
Determine who has what you need.
3.
Ask them for it, but, (and this is key), first make sure you
have something they want or need. To do otherwise assures
that you will waste time on a deal that will either fail to
close or will dissipate before you get what you came for.
In such situations even strong introductions won't help. They
just increase the amount of time you waste before you must
withdraw to seek your needs elsewhere.
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