OMG Digital Magazine OMG Issue 325 13th September 2018 | Page 22

OMG Digital Magazine | 325 | Thursday 13 September 2018 • PAGE 22
Business
6 Steps to Creating
a Partnership That
Drives Strong
Business Growth
Finding the right business partner can be like finding a needle
in a haystack. Follow these 6 steps to start off strong and build
successfully.
By Marissa LevinFounder and CEO, Successful Culture@marissalevin
Years ago when I was seeking a partner to
expand Successful Culture, a mentor/adviser told me that
partnerships work out about 50% of the time. While he
didn't cite any statistics, his own experience of building
and selling about a dozen businesses, investing in
dozens of businesses, and serving on the boards of many
businesses was enough anecdotal evidence for me. 
Fast forward to 2018. This year I've partnered with 2
different partners in 2 separate entities, and both are set
up for great success. I did have to kiss a few frogs along the
way to find the right partner to grow Successful Culture.
Finally, I realized that what I needed was right in front
of me the whole time - one of my most trusted friends,
with a complementary business model, with whom I
have worked for 15 years. We've merged our businesses
to create Successful Culture International, which has
increased our range of services and capacity, and brought
together 50 years of leadership and strategic consulting
experience.
With the other entity, which is now  Women's CEO
Roundtable, I sat on that dream for 7 years before I
approached my partner to embark on a journey together. 
Almost 25 years of entrepreneurship (and lots of mistakes
along the way) have taught me what businesses need in
terms of effective leadership. For a business to grow, the
founder must be open to bringing in support. There are
just too many things for one person to oversee if they
want to truly scale their business, and no one is good at
everything. 
Here are 6 fundamental elements that will help all
partnerships start off strong, and stay the course as the
business grows. 
These also apply to  partnerships you may launch with
friends, which have their own unique rules to ensure
success, as well as spousal partnerships, which introduce
their own rules and challenges. 
1. Alignment of Core Values.
This is the single most important factor in any close
relationship. Finding a partner that believes in what you
believe in, and upholds the same standards, will be critical
at every decision point in your business journey. 
2. Long-term Shared Purpose.
Why are you doing what you are doing?  Where are you
going? Partners must be aligned in their future visions
regarding the direction of the company, and the impact
they will make.
3. Complementary Strengths.
The best partnerships include leaders who have different
skill sets. You don't need another one of you. If one
partner thinks big picture, and is the lead strategist,
the other partner ideally will excel in operations and
implementation. Your partner should fill in your gaps, and
not simply add bandwidth.
4. Proactive, Intentional Communication.
Even if your values, purpose, and strengths align,
your partnership will struggle if you don't prioritize
communication. Partners must feel comfortable talking
about anything business-related. They must be willing to
have difficult conversations.
And, ideally they should have standing calls/meetings
every week, in addition to the conversations that naturally
occur during the course of the business day. This provides
a dedicated time/space to address any topics that may be
overlooked.
5. Scheduled Strategic Planning.
In addition to scheduling weekly calls, partners will benefit
from setting aside  strategic planning  sessions every 6-8
weeks to review the business progress against clearly
defined goals. No facilitator is required. This is simply a
block of time (4-6 hours) to take a breath, reflect on what
the business has accomplished, discuss potential changes
in direction, and set short-term goals that roll up to long-
term goals. 
6. Legal Documents.
If you are going to partner, protect the business and both
of you with a partnership agreement. No one expects a
partnership to go south, but it happens.
In addition, pre-determine the percentage split. Speaking
from experience, and based on the guidance of the same
adviser I referenced earlier, unless one partner is infusing
a lot of capital into the partnership, consider a 50-50 split,
rather than creating a situation where one partner is
superior to the other. My adviser taught my partner and
me the benefit of "standing shoulder-to-shoulder" which
equally values both people, and doesn't make one partner
feel "less."
These 6 strategies can help any partnership start off strong
and stay strong as the company grows. Values, shared
purpose, strong communication, and strategic planning
are a business's best building blocks.