Starting a strategic partnership can help your business along in areas where it may be struggling. Or maybe your business is doing well, but you want to enhance it by partnering with another business that will bring more to what you already have.
For example, your bookstore might be popular in town with a certain crowd, but you are hoping to bring in more people and make your customer experience even better. You might consider partnering with a coffee shop. Your bookstore combined with the coffee shop can enhance both businesses!
If you’re considering a strategic partnership, an Arizona business attorney can help you decide which businesses would benefit your business the most. There are several factors that you must consider in order to ensure your strategic partnership is as successful as possible.
Success in a strategic partnership begins with making sure that one business is not benefiting another without it being reciprocal. There should be common goals and visions that help propel each business forward in their long-term plans.
Sharing common goals and visions could look like partnering to build clientele or to further certain research or to create something together. This is important so that both partners are working towards the same outcome and sharing a sense of commitment and working together.
Expertise is one of the valuable assets each partner can bring to the table. In a strategic partnership, it is helpful to have expertise that is different, yet complementary. Each partner may have skills, resources, or knowledge that the other does not, that will impact the businesses for the better. Examples of expertise that an Arizona business attorney would deem helpful in a strategic partnership are as follows:
Communication is one of the keys to successful relationships and it is no different in strategic business partnerships. It is essential that your business and your partnered business remain honest and open with regular communication. Your transparency should umbrella the information you share, updates in your business progress, and any issues that arise.
One of the ways you can encourage this transparency is by holding regular meetings. Carving out time for both businesses to talk about what is happening will ensure you have the space to be upfront and help each other through the challenges. It is also helpful to have an Arizona business attorney work with you to develop strong reporting structures to support communication.
Like a lot of things in business, there are laws and regulations that surround strategic partnerships. In order to be successful, it is essential that your partnership thoroughly understands all legalities and implications of your partnership. To do so, an Arizona business attorney is a huge asset. Some of the essential legal aspects that you should understand are:
When you decide to start a business or start a partnership, there are always risks involved. Risks can be financial risks, market risks, data security risks, among others. However, there are ways you can assess those risks to determine if they are worth taking.
Completing a thorough risk assessment will help your partnership see where the challenges may happen and allow you to work together to effectively strategize a mitigation plan.
Each individual involved in a partnership has a role and in order to avoid confusion and miscommunication, there should be clear roles and responsibilities. These roles will impact how decisions are made and how conflicts are resolved. Some of the roles that you should talk about with your partner are:
When you are putting together a partnership agreement with your Arizona business attorney, they will make sure you have a solid exit plan. This plan will detail what the conditions are that allow you to terminate the partnership. It will also detail how to go about termination.
This exit strategy is essential as it gives the partners peace of mind knowing that if something goes so wrong that the partnership has to end, there is a peaceful way of doing so that comes with a laid out plan that is fair to each party involved.
Our Top-Rated Arizona Business Lawyers at Denton Peterson Dunn have been providing strategic business advice and legal services since 1995! We pride ourselves in being a top-notch legal firm that provides services for affordable prices. We want to help you succeed in your business and have the expertise and knowledge to help you do so!
When it comes to entering a strategic partnership, contact us today and book a consultation to ensure you have peace of mind and everything is taken care of.
Brad Denton – Denton Peterson Dunn
1930 N Arboleda #200
Mesa, AZ 85213
Office: 480-660-3249
Email: brad@dentonpeterson.com
Website: https://arizonabusinesslawyeraz.com
7272 E Indian School Rd #540-132
Scottsdale, AZ 85251
Phone: 480-690-3283
Email: service@dentonpeterson.com
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