3 Keys to Forming a Successful Partnership

Are you thinking about forming a partnership? You two have what appear to be compatible personalities. You share a common goal. Maybe that goal is to make more money. Or maybe it is to change the world? Either way, before you form that partnership consider these three tips from Steve MacGill, CEO and founder of Peersight Online and Dr. James Norris, CEO and founder of KAART Business Solutions. They were guests on my radio show this week. You can listen on-demand at this link.

1) TRUST. Trust is the lubricant that keeps the partnership running smoothly.

A. It takes time. Logistically, you could build Rome overnight. But, building a relationship, based on trust, takes time.

2) COMPLETE OPENNESS. Nothing erodes trust like secrets. Be completely open.

A. Communicate early, often and late. Steve and Jim speak on the phone once a week, regardless. Emails, wikis, IM’s are all fine. But speak in person, early often and late. Every communication is a brick that’s either added or removed from your foundation of trust.

3) CARE ENOUGH TO CONFRONT. It goes back to those first two keys.

I’ve always confronted people when:
A. I knew they could do better;
B. I’d seen them do better;
C. They knew that I knew that they could do better;
D. I respected them enough to expect them to be accountable. You hold children accountable after you’ve shown them.By not holding people accountable you communicate you see them as infantile.

Highlighted transcripts of our conversation will be posted here by Sunday afternoon.