What Makes a Good Business Partnership?

In the fast-paced world of business, the right partnership can be the difference between thriving and merely surviving. A successful partnership is more than just a transactional relationship; it’s a collaboration that can drive innovation, share risk, and create opportunities that neither party could achieve alone. I have been fortunate enought to experience truly great partnerships that have achieved increible things. For example, I worked hand in hand with IKEA to create a TV show that ran 2 years that exceeded all expectations.

But what truly makes a great business partnership? Here are some key elements I believe should guide your decision-making process when forming and maintaining business partnerships.

1. Trust and Reliability

At the heart of any strong partnership lies trust. Without it, even the most promising alliances will crumble. When choosing a partner, it’s essential to gauge their reliability. Do they follow through on commitments? Can you trust them with sensitive information? If you ever leave a meeting with a nagging feeling of doubt about a potential partner’s trustworthiness, it's crucial to listen to your instincts and address it immediately. Trust is non-negotiable; a reliable partner will share your passion and ambition, challenge you constructively, and bring fresh ideas to the table. If these qualities are absent, it’s better to move on than to force a partnership that isn’t built on a solid foundation of trust.

2. Commitment

A successful partnership requires commitment from both parties. Before entering into any agreement, it’s important to clarify what each partner can offer. Ask direct questions: "What does a partnership look like to you?" and "How much time and resources are you willing to commit?" Understanding these commitment levels upfront is crucial. It’s also wise to document these commitments to ensure accountability. Nothing is worse than a one-sided partnership where one party does all the heavy lifting. For a partnership to succeed, both sides must invest equally, or at least in a way that feels fair and productive to both. As with my relationship with IKEA, we all risked a lot shifting marketing campaign funds to a TV show but IKEA, Leo Burnett, the TV Station and the production company were all fully committed.

3. Shared Values

Shared values are the bedrock of a sustainable partnership. Partners should not only align on the business’s immediate goals but also on its long-term vision and ethical standards. Consider what values your potential partner upholds. Do they support causes that matter to you? How do they give back to the community or industry? Shared values foster a deeper connection that goes beyond profit, ensuring that both parties are working towards a common purpose. This alignment is particularly important when facing challenges; it’s easier to overcome obstacles when both partners are committed to the same core principles. I can remember walking away from a deal when a potenital client started talking about a kickback. This showed me that he and his company did not represent my values or the company I was representing.

4. Mutual Passion

In any successful partnership, both parties must be equally passionate about the venture. At Foap democratizing creativity is a driving force behind us and having partners that believe in this is important. The ideal partner is one who matches this level of enthusiasm and is eager to innovate and push boundaries. When both parties are equally invested in the mission, they are more likely to stay motivated, work late hours, and tackle challenges head-on. Passion drives progress, and a partner who shares your obsession will be instrumental in helping you achieve your goals. I cannot tell you how many all nighters I pulled with clients and co-workers. We were obsessed with making great things happen.

5. Ongoing Communication

Effective communication is the glue that holds a partnership together. While it may seem like common sense, consistent communication is often overlooked. Without it, even the best partnerships can falter. Regular check-ins, whether through scheduled meetings or informal channels like Slack, help ensure that both parties remain aligned and can address issues before they escalate. Ongoing communication keeps the partnership dynamic, allowing both sides to adapt to changes and continue moving forward together. Even the bad news needs to be addressed. Do not delay ever.

6. Focus on Value, Not Competition

In a competitive business environment, it’s easy to become preoccupied with what competitors are doing. However, a good partnership focuses on adding value rather than undermining the competition. If your partner is already working with a competitor, resist the urge to discredit them. Instead, concentrate on what unique value you can bring to the table. Trust in your team and product, and let your work speak for itself. A partnership built on mutual respect and a focus on value creation is far more likely to succeed than one rooted in negativity and competition. I have seen this with amazing clients like TikTok, Meta, SNAP, Google, P&G, PMI, IKEA, Samsung and so many more who understand competition but have their own plan they believe in.

7. Enjoying the Relationship - Have Fun!

A great partnership isn’t just about business; it’s also about enjoying the collaboration. Working with someone you like and respect makes the journey more enjoyable and productive. Life is too short to spend time with people you don’t get along with. Focus on partners who respect you, are honest with you, and genuinely enjoy working with you. This positive dynamic not only makes the partnership more pleasant but also more effective. This point cannot be stressed enough and one I try to foster every day; even on the tough days with clients, co-workers, and partners. Some of my best friendships started as a professional partnership and have lasted for years.

8. Embrace Imperfection

Finally, it’s important to remember that no one is perfect, and no partnership is without its challenges. People make mistakes, and it’s how these mistakes are handled that can make or break a partnership. I believe in owning up to errors and maintaining open, honest communication that fosters a stronger bond between partners. If you can’t have a candid conversation with your partner about issues as they arise, it may be a sign that the partnership isn’t the right fit.

Be Invested

I am proud to have fostered many strong partnerships during my career that have garnered awards, broke bouderies and innvovated. I am grateful for these successful business partnerships that were built on trust, commitment, shared values, passion, communication, and mutual respect. It’s about finding someone who not only complements your strengths and weaknesses but also shares your vision and enthusiasm for the business. Partnerships, like any relationship, require ongoing effort and a willingness to evolve over time. By keeping these principles in mind, you can form partnerships that are not only profitable but also deeply rewarding on a personal and professional level.