WN highlights: Peter Radsliff on partnering

What comes to mind when someone mentions "Partnering?"
I think of many things; collaboration, hard work, giving, camaraderie, success, but also frustration and disappointment. Over the years I have come in contact with many different individuals from varied backgrounds and companies. In my own career, I have worked at start-ups, mid-size and Fortune 100 companies. One thing seems clear, not everyone has the same view of what it means to be a “partner.”

If you have an opportunity to partner with another company or individual to accomplish a goal, what first comes to mind? If it is “What can I get out of this partnership?” you are starting from the wrong place. It’s a “given” that there will be some self-interest involved in the act of partnering, and that will take care of itself. But when approaching an opportunity to partner focus first on what value you bring to the team or the other party. After thinking deeply about what you bring to the table, then follow these three steps to a successful partnership.

First, set the tone of the partnership. By offering up what you can do for the other party first, it starts to set the expectations of the collaboration. You may find the other side “raises the bar” leaving you with a worry that your offering may be lacking. This is all part of expectation setting, and it is the right way to start a successful joint effort.

Second, be extremely clear when setting goals and deliverables. Remember doing that group science project in school where you did 90% of the work? Do you recall feeling angry towards your lab partners when they got an “A” for doing almost nothing? This happens in business all the time just as in school. Successful partnerships lead to others, but not if you are perceived as not having pulled your weight on the last one. You can be sure you are not missing expectations by focusing on what needs to get done and when, so that you are perceived as a star partner

Third, and last, is to step back, not forward, when it comes time to bask in the glory of a collaboration well done. There is a saying, “It's amazing what you can accomplish when you don't care who gets the credit.” This was a printed sign that sat on president Ronald Reagan’s desk. And it touches on the topic of servant leadership -- be first to lead the group towards their goals, but be last to seek praise in accomplishing them. Take pleasure and satisfaction is seeing others gain their accolades and you will be highly sought after for future partnering opportunities

And, don’t forget, failure breeds some of the most successful partnerships. Just because you work well together on a project does not mean the project will itself be successful. It’s possible it was doomed from the start and Superman couldn’t have brought it in on time or within budget. Or, it’s possible that the project was a fool’s errand, which hopefully no one knew at the outset. But that doesn’t mean that it couldn’t be a tremendously rich and rewarding experience in partnership, that might just breed success the second time around.

What types of people have you encountered when partnering?
I like to think that the act of partnering is a crucible that brings out the best, and worst, in people. I have collaborated with a few absolute angels, many mediocre players, and only a few (thankfully) truly evil people. And I don’t say that metaphorically, there are truly evil people in business, just as history has shown us there are evil people in life. Luckily, the act of partnering exposes these true colors readily. Hopefully, you can be perceptive enough to quickly identify the angels from the demons and take action accordingly.

The real problem lies with the mediocre partners. They will require the most work and can drag down a partnership without you immediately being alerted to their presence. If there is one overriding axiom I have learned in business, it is that excellence breeds excellence and mediocrity breeds mediocrity. When entering partnerships, do you best to find the people who seem to excel at whatever they do. Their reputation usually precedes them.

How do you act when starting a new partnership?
I lay it all out on the line. I immediately try to express transparency and let people know who I am, warts and all. I also seek others who do the same and try to start a friendship with them. After all, one of the greatest benefits of being in business is meeting new people and making new friends. Who better to befriend than the people you are counting on for success in collaboration?

Have you ever felt hurt or betrayed by being this open?
Oh yes. But that’s how you ferret out the “demons” I mentioned before. Luckily, this is more rare than not. More frequent is the frustration of “death by a thousand cuts” from the mediocre players and this is more painful in the end. Conversely, finding new people you can trust is a sublime feeling…and very satisfying.

Anything else on partnering?
After 26 years in business, here is my equivalent of “speed dating” advice on partnering:

• Look for people who are different so you can leverage each other’s strengths
• Help each other out with no expectation of personal return on investment
• Do what you can to advance your industry or make the world a better place
• Don’t think there are different morals because “it‘s only business”
• Fight fairly with competitors (they just might make the best partners some day)

  Now go forth and partner.