Being approached about participating in a business-to-business partnership is an exciting opportunity for most small business owners, especially if the company you are approaching is large or well-established in your industry. This type of unsolicited partnership agreement is attractive and has the potential to give small businesses immediate traction in the marketplace. However, it’s a good idea to follow the same steps you would take to validate and screen a potential partner if you were the one to initiate the first contact. This can be difficult due to the desire to grow your business and not miss out on a seemingly profitable deal. Keep the following tips in mind when approaching you for a business-to-business partnership.

Take your time.

Remember that they approached you. Just because a business development person requests a meeting to discuss a partnership agreement doesn’t mean he should delete his existing schedule or the agreement will go away immediately. If the company is sincere in its desire to develop a mutually beneficial partnership, you can delay a face-to-face meeting for a few days or even a week to investigate the company in more detail. There are plenty of ways to move a meeting or phone call forward a week without seeming like you’re intentionally delaying it. So think of a valid excuse that fits into your daily business schedule and routine.

Identify the benefits.

It is very important to understand the areas where your business will benefit from a potential partnership. These types of business deals are likely to reward your company more than other types of deals you would pursue on your own. This can range from accessing existing customer lists to financing marketing campaigns. A large Fortune 500-type company seeking a business partnership with their smaller company has likely identified a very specific competitive advantage that they see in having a strategic relationship with your company. However, they will be willing to help your business succeed; You should negotiate these benefits before signing the agreement while your company still has leverage and the ability to partner with a competitor.

Deal.

After identifying what you think will benefit your company the most from a business-to-business partnership with the applicant company, be sure to negotiate the deal in your favor to the best of your ability. While the partnership should always support the goals of both companies, if you are the recipient of the deal offer, it is wise to negotiate better terms regarding revenue sharing and other resources. Many small business owners make the mistake of jumping in too quickly and failing to negotiate favorable terms with a large company that prevents them from working with competitors, restricting future growth opportunities. Make sure that if you’re going down the path of an exclusive relationship, you’ve run the numbers and are happy with the earning potential of the deal.

Enjoy receiving a business-to-business partnership application and take the time to think carefully about the opportunity and whether it is a good fit for your company’s strategic growth plan. There’s no reason to rush into a deal that you haven’t fully examined or aren’t comfortable with. Be sure to negotiate the terms of the agreement that best help meet your company’s current and future growth needs.