How to Close the Deal: 5 TipsSecuring sponsorships or joint ventures doesn't have to be intimidating.

Written by Christina Desmarais – Inc., September 5, 2017

Partnerships are an essential aspect of business, lending credibility to emerging brands and reinforcing the strength of household names. Securing those sponsorships or joint ventures, however, can seem intimidating. Take it from Frank Talarico, president and CEO of Goodwill of Orange County, who has worked with massive brands as part of holding executive leadership positions with the PGA of America and Goodwill Industries. Here are his words on how to create valuable alliances.

1. Remember they aren't smarter, prettier, or cooler than you.

Don't kill the deal before you even initiate it by assuming that the other party will not be interested. It is easy to talk yourself out of making the approach because you think you're too small, too new, or too different. Courting a prospective partner in any deal happens when you position yourself as relevant to their business objectives. Don't ask, "will they be interested?" Instead, consider "How do we help them achieve their business goals, while they help achieve ours?"

2. Start high on the ladder.

In my experience in the development and consummation of deals, I always start at the highest levels in that organization's hierarchy. This is a gamble--you risk not getting noticed at all. On the other hand, starting with a vice president of sales as opposed to a sales representative forces you to be clear, concise and aggressive in your pitch. It also ensures that the higher-ups will be watching once they delegate it down the ladder for work on the specifics.

3. Make them a part of your sin.

They shouldn't start out (or end up) as your enemy. This is the start of a relationship. Be transparent and share as much as you can without compromising your business. When we would walk into a negotiation with a prospective partner my first boss-turned-mentor would always tell me, "Don't forget to make them a part of our sin." No, we weren't about to break the law. What we were about to do was include the other party in an opportunity to solve our respective challenges and create shared solution. They cared about my challenges because solving them improved their position in the market.

4. Have a collaborative public relations strategy.

You formed the relationship to benefit you both. Benefits include publicly announcing the relationship so that it not only grows your own brand, but also begins to set-up your future relationships. Positive and productive public relations will attract your next group of partners. This next time around you will find that other companies are knocking on your doors.

5. Celebrate, together.

You just tied the proverbial knot, so acknowledge the accomplishment, together. Bring the teams together for a ceremonial signing or launch event. Begin to share experiences away from the negotiation table. By creating more "relationship moments" you begin to blend organizational cultures and deepen mutual trust. We all enjoy working with people we like. Organizations are no different. New projects emerge, as you build upon your organizational reputation. You spent a lot of time, energy, and organizational resources on getting this deal done, cherish it as you would a personal relationship. Go long and wide, not short and narrow in your relationships, and your success will be long-term and sustained.