What Makes a Great Partnership?

Source: Partner Insights

Following are excerpts from an article by August Aquila in Partner Insights, reproduced with permission. August Aquila is CEO of Aquila Global Advisors.

The following seven characteristics form the foundation of a great partnership:

Trust

You trust that partners will do what they say they are going to do and partners must feel that they can be open with each other by admitting when they don't know something or need help to properly serve a client.

Common Values

Partners need to agree upon the firm's core values. For example, you value integrity – always doing the right thing - and one of your partners only does the right thing when others are watching.

Chemistry

How do you feel about each of your fellow partners? Would you still make them a partner today?

Defined Expectations

The best partnerships set goals for each of the partners at the beginning of the year. And they don't try to make all the partners do the same things.

Performance is reviewed at least quarterly and the partners help each other become successful because they realize it is not a zero sum game.

Mutual Respect

As a partner meets or exceeds his or her goals, the feelings of respect for that partner only increase. Of course, underperforming partners lose respect.

Synergy

Great partnerships create more than the sum of the whole. If you are a big picture person, then you want to be partnered with a detailed person. If you are a strategic leader, then you want a partner who is a good implementer.

Great Two-Way Communications

Great partnerships often have short, but important, meetings. Progress towards the firm's strategic goals is often on top of the agenda. Great partnerships are made. They take time, effort and vision. Start making yours today.

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From Partner Insights, Aquila Global Advisors, LLC, August 26, 2008, www.aquilaadvisors.com.

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