"All good things must come to an end, but all bad things can continue forever." - Philip K. Dick
📖 Read: What is part of the Exit stage?
The Exit stage, while often overlooked, is an important aspect of the partner life-cycle. It ensures that partnerships end professionally and amicably when necessary. Delve into the process of developing and communicating a clear exit strategy, proactively addressing issues, conducting exit interviews, and using the experience to improve future partnerships.
Not all partnerships last forever, and ending one may be necessary due to various factors, like changes in business strategy, market changes, underperformance, or other factors. It's essential to prioritize customer interests and protect both parties' reputations during the process. By focusing on customer satisfaction, open communication, and collaboration, companies can ensure a smooth transition and maintain trust in the market.
📖 Read: Why is it important to plan for concluding partnerships?
Every partner's life cycle has, per definition, a start and an end. And while for some partnerships you hope for a eternal relation you should still plan for the end. Ideally, you do not “terminate”, “cancel” or “abort” the partnership. The goal is to conclude every partnership in an organized and planned manner.
By planning for the exit and defining the triggers that will lead to the exit of the collaborative relationships, you often strengthen the partnership by adding an extra layer of transparency towards your expectations for the partnership.
Planning for the moment and implementing exit strategies is part of every professional partnership. An exit strategy is a plan for minimizing potential negative effects and allowing organizations to move forward positively. This step is important for ensuring the organization is prepared for any potential challenges or issues that may arise during the partnership. Having defined guidelines for disengagement can increase engagement throughout the relationship’s lifetime.
Exist Strategy Activation
Assess the situation and understand why exit triggers have been activated
Address issues or concerns with partners before deciding to terminate the relationship
When the decision is taken communicate the decision to the partner with time ahead
Offboarding
Offboarding process: Structured process for the orderly termination of the partnership
Asset recovery: Retrieval of any company-owned resources or materials (e.g., marketing collateral, demo licenses)
Communication: Transparent communication with the partner, customers, and other stakeholders
Post-exit review: Analysis of partnership termination to identify lessons learned and areas of improvement for future partnerships
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