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DONNA JOHNSON 1 year 10 months and 21 days ago
Great answer to an important question! Partnering and collaboration is such a fun and effective way to expand business opportunities, but when it goes wrong, it really goes wrong.
I have learned to make sure an agreement has a "test" period in it. During this period, everyone involved can terminate the agreement within the first 30 days (or whatever) without any explanation. Of course, this period must expire before third party interests are affected, and it won't work in each case, but it does help. I also include paragraphs specifying what happens if the deal doesn't work so customers and other stakeholders (including me!) are not left hanging.
But I think the best thing I do before partnering formally is partnering informally. In this way, I can see a track record of performance and dedication before committing myself to anything. I have halted many a possible deal by starting with a small arrangement where adverse consequences if things didn't work out were minimal to none. This has allowed me to keep relationships in tact and move on to people who demonstrate commitment in the small things first.