Recently the ”10 Answer Keys, Building Powerful Strategic Business Alliances” was published. Here are a few excerpts from the book authored by Meredith Bromfield and Mary Erlain.
From Meredith’s Ideas:
An Alliance is:
- A partnership, agreement or a coalition.
- An association of people who agree to cooperate to achieve a common goal.
- A close relationship, based on similar objectives or characteristics.
From Mary’s Thoughts:
I have seen successful alliance partnerships that address mergers and acquisitions along with succession planning. The people involved were a business broker, attorney, CPA, financial planner and organizational development coach. The coach worked on the inside of the organization developing the people and the organization to increase its value. The rest of the group took ownership of each part of the transaction as the company moved through the process. Ideally, this process is 5 years or more in duration. Communication and trust were key factors in this group.
What are the drawbacks and pitfalls for maintaining an Alliance?
- Some people are not as committed, and not everyone carries their own weight.
- Some people are looking for free rides and will just be part of the team so it looks good on their resume.
- Some people will not promote you and your business.
- Some may move or drop out.
“People come into your life for a reason, a season, or a lifetime. When you figure out which it is, you know exactly what to do.” ~ Brian Andrew “Drew” Chalker
To purchase the book, ”10 Answer Keys, Building Powerful Strategic Business Alliances” – visit Amazon.com
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