I hear a number of clients talking about the twists and turns of forming collaborations with large financial institutions and insurance companies. How they entered via a warm referral from a trading partner to an upper- middle level manager. How they “loved” their product or service. How they spent months going through the organisation’s assessment and development process, responding to the manager’s need to being seen to have run a robust due diligence process. How they received neither a definitive “yes” or “no” but further offers to join a pilot or “innovation sprint”, which really was an exercise for the manager to impress his or her direct reports.

All along they have yet to, or have fleetingly met their “economic partner”, the individual(s) inside the larger organisation, who control the P&L, can approve the alliance without anyone else’s authority and will claim credit for the success. They have yet to have a “value-orientated conversation” with them (personal and business objectives, agreed metrics, impact on the business). Rather they insist on preparing a pitch document, sending detailed explanations of costs and fighting every objection thrown at them.

Here is the fast-track: don’t engage with non-economic partners other than with the express intention to be introduced and meet your economic partner(s).

Don’t be surprised that those with the subsidiary CEO or MD title and in the midst of restructurings, reveal themselves NOT to be your economic partner alone, and/or there are other economic partners to meet.

They have policies, and so should you.

If you are delegated for due diligence purposes to subordinates, NEVER lose control or contact with your economic partner. Point out ahead of time that they will very often receive feedback (perceived, actual and catastrophic risks), which will be presented to protect the self-interests of those undertaking the due diligence work , not the economic partner. Why? The rewards and recognition system is formulated to produce that behaviour. Agree a time to triage those issues, into a common sense, and easy to manage evaluation.

Collaboration discussions are fundamentally about the economic partner(s) seeing it is obviously in his or her self-interest to work with you now. Nothing more.

To get there requires maintaining careful and prudent control of the conversation. Not fearing offending subordinates, not wasting time, and not being too flexible. For even highly experienced former executives or advisory board members brought in to lend credibility and coach enthusiastic entrepreneurs, to use their contacts and to work their magic, routinely veer off course. Their attitude and behaviour shaped by their past beliefs, and often an amiable disposition seeking to avoid confrontation with former colleagues and to be admired.