What Makes a Partnership Become a Legend?
What makes a partnership become a legend? As with an individual legend, you must capture the emotions of your prospective audience. When you reach them at the emotional level you have a good chance of becoming a legend. The dance partnership of Fred Astaire and Ginger Rogers is a good example.
In his Letter to the NY Times Editor, http://www.nytimes.com/2009/08/23/arts/23alsmail-ASTAIREANDRO_LETTERS.html, Steven R. Pisani says, in response to an article about Astaire and Rogers, “Although Astaire had many dance partners, only Rogers was able to transform the partnership from pure entertainment to romance”. It was a partnership where each could bring their true talents and emotion to their work. Romance was their brand.
Your partnership can have just as strong a brand. The secret is finding the strengths of each partner and merging them together into a clear message that will reach the emotions of the buyer/prospect. Make no mistake, this applies to your partnership regardless of whether you’re a gas station and car repair or accounting and financial services.
It’s worth brainstorming with your partner or potential partner to find the emotional element that could make a difference in your partnership’s success and long term viability. Who knows? You might even become legendary.
Legal Perspective on Strategic Alliances
In the article “The Strategic Alliance”, http://www.ivanhoffman.com/strategic.html, by Ivan Hoffman, B.A., J.D., he indicates there is no legal relationship called a “strategic alliance”. In forming such it’s up to the parties to define the legalities of their relationship by contract. The terms of the agreement must cover the specifics of the respective rights and obligations of the partners within that relationship.
Ivan’s list of provisions that must be spelled out in order to give “strategic alliance” a legal meaning include the following:
1 – The nature of the relationship. Is it a partnership or joint venture, but for limited purpose. He sets out the details in depth in his article, http://www.ivanhoffman.com/strategic.html.
2 – The term of the relationship.
3 – Participation rights. Who’s entitled to what and when.
Obviously if you’re considering a strategic alliance it definitely must be delineated in writing and agreed to by all parties. And get the advice of your legal counsel regarding your specific situation.
More Business Partnership Stuff
In case you missed the July 14th webinar, How to Grow Your Business Using Partnerships, view it now. In 40 minutes I cover the highlights. Worth listening to if you’re considering or in a partnership.
In August, I’m offering a Business Partnership Clinic for those who are ready to actually take strategic action in their partnership. It’s conducted as 3 one-hour weekly tele-sessions. First session is August 4th. Read the details and sign up at link above.
Finally, if you haven’t already seen it, view the 4 + minute video, Shedding Light on Business Partnerships. I didn’t create this, but it’s right on about partnerships and very well done.
If you’ve seen anything of interest on partnerships, please add in your comment.