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Traci Cox: The Value of Business Partnerships

Traci Cox, President of Temple & Associates, met with us to explore the value of business partnerships, managing partnership challenges and how partnerships enhance business opportunities.

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Questions that Traci answers:

  • [2:50] What does Business Partnerships mean to you and how is it related to trust?
  • [3:24] Can you share an experience where you had to create a partnership to meet an objective?
  • [4:30] What would be the next step with that partner after working together to help a client meet their objective?
  • [5:36] Are there best practices that you recommend when forming a formal business partnership? 
  • [6:54] Is there a difference between how you handle partnering with individuals vs business entities?
  • [9:26] How do you select service vendors, like software vendors, that you work with to service your customers?
  • [12:21] How do you handle challenges that can arise with partners?
  • [14:38] If a partner cannot fulfill a service agreement for a client how do you address it?
  • [15:58] An introduction to Temple & Associates and the services they offer clients today.
  • [18:30] What type of expertise, education and/or knowledge do you look for in your partners?
  • [24:41] Should a non-compete clause be built into a partnership agreement? (Audience Member Question)
  • [26:41] In a partnership, in which one partner contributes technology and the other partner contributes the distribution, marketing and customer-base, how does the distribution partner guard against the technology partner leveraging their customer base for a new and non-shared product? (Audience Member Question)
  • [28:24] How does the distribution partner ensure that the technology partner is responsive to technical issues with the product, and continues to improve the product? (Audience Member Question)
  • [32:00] What organizational image should be presented in customer-facing applications? (Audience Member Question)
  • [36:50] How does the technology partner guard against the distribution partner replicating their product – using their familiarity with the product and developing a modified version of the product themselves – and then underselling the technology partner? (Audience Member Question)
  • [42:04] BONUS: Traci shares post-discussion thoughts.

Connect with Traci:

You can connect with Traci on Linkedin and by visiting Temple-IT.com.

Stock Media provided by ikoliks / Pond5

Special thanks to the students, alumni and administration from the University of Illinois at Urbana-Champaign and the College of DuPage for their help in making this episode a success.

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