September 12, 2014
In my LinkedIn Discussion group, Successful Business Partnerships, my colleague, Marian Banker brought to light an article by Ivan Hoffman, Esq., on “The Strategic Alliance.” One of the key aspects of an alliance is its flexibility – it can be whatever you want it to be. But that flexibility mean that you need to define those parameters. In writing. Because there is no exact legal relationship (like there is in forming a corporation or LLC), it’s up to the parties to define the legalities of their relationship by contract. What should you include in a strategic alliance agreement? Hoffman suggests you spell out: The nature and purpose of the relationship The term (length of time) you want it to be in place Participation rights — who’s entitled to what and when. I’d also recommend that you pay particular attention to two key issues: Money. How will the money flow? Usually, because a strategic alliance is not a company unto itself (it’s two or more independent companies collaborating), it doesn’t have its own bank account. So if…
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