By Michael Ramich
Building a trusting, working relationship is critical for the start and continuation of any business relationship.
Last summer marked the culmination of a project nearly 18 months in the making: Frontier Capital’s investment in MultiLing, a company that specializes in intellectual property translations and foreign patent filings. What took so long?
Getting to that point – a “true partnership” – takes some hard work – and time. Money isn’t just going to change hands; instead, there will potentially be years of working together on strategy and business development to help your companies succeed. Both the investor and investee should consider these strategies for getting to know each other before signing any contract:
1. Be available and responsive
Spending time to get to know the other party is important, whether in person, by phone or in an online meeting. Plan a regular meeting as often as you feel comfortable. And do meet in person, which is still the easiest way to communicate. Meet for lunch, take a hike, play golf, go skiing or just be available to really get to know the other party – both strengths and weaknesses – on a business and personal level. In addition, get back to them in a timely manner when they call or email. While surprising, many a relationship has failed because one party did not respond promptly enough to a message.
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