Rebecca Zucker and Jonathan Becker - great article!
Advice on answering the questions "How did we get here" and "How do we fix things"
There is another critical underlying contributor that goes back to the formation of the partnership to begin with:
"Are our values aligned, and have we been transparent in establishing those values before signing on."
More critical than the partnership agreement: a clear and well defined exit strategy for the partners going into the relationship.
In business the partners are shareholders in value creation, and it is important to clarify that value and how to transfer it when (almost inevitably) one partner has a need to depart.
My small business joined forces with another small company to execute a large, multi-year project (for us it was large - 4-5X our normal annual cash flow, executed over a 2 year period). Both of us in the respective leadership roles had experienced painfully protracted exits from prior relationships, making our decision to formalize our partnership through a Joint Venture an easy one.
Equity sharing, cost and cash flow responsibilities, and management decision responsibilities/authority were clearly defined. We dissolved the formal JV when the underlying project was completed, but over the years following that formal closing we have continued to collaborate more informally on a number of projects. The partnering principals have changed as well following the retirement of my collaborator, but we have stuck to the success formula for defining the terms of the business relationship (while growing the level of trust and commitment in our personal relationship).
The partnership is not about saving feelings, face, or setting aside confrontations. The partnerships are created to enable greater value creation as a product of the relationship.
So...
Be clear.
Be honest.
Be realistic.
Oh yeah - be aggressive together in that pursuit!!
