Business Partnerships & Collaborations
Ashley Gerodimos, Executive Director of Events at PNW and Mandy Krickhahn, Owner / Founder of The Collective, celebrate TC’s 5th Anniversary and their new partnership hosting the upcoming Collective Artisan Market at The Great Hall at PNW on March 30th.
Image by Christian Alexander
Written by Mandy Krickhahn // February 25, 2024
As an entrepreneur, one of the most rewarding aspects is the opportunity for partnerships and collaborations. There's a special kind of magic when individuals unite to achieve a common goal, and I've been fortunate to collaborate with some incredible people, businesses, and organizations in The Region. From the collaborative effort behind Farmed & Forged to ongoing projects with Purdue Northwest (PNW), these partnerships have been instrumental in our community-building endeavors.
However, navigating partnerships isn't always smooth sailing. It's essential to ask the right questions and set clear expectations from the start. Understanding each party's goals and intentions ensures alignment and sets the foundation for a successful collaboration.
When we launched The Collective, I never imagined being hired to create, jumpstart, and revitalize events. However, I eagerly embraced the opportunity to collaborate with larger organizations, assuming our goals were aligned as well as mutually beneficial. Yet, I soon learned that this wasn't always the case, leading to valuable lessons learned along the way.
Before entering into any partnership or collaboration, it's crucial to ask the right questions. Understand their motives for wanting to work with you, clarify their goals for the collaboration – whether it's financial gain, exposure or aligning with their mission. Determine the expected duration of the partnership and whether it involves a one-time project or a long-term commitment. Additionally, ensure direct communication with the decision maker to avoid misunderstandings and ensure clarity throughout the collaboration process. Though it may seem trivial, addressing these aspects beforehand can prevent potential complications down the line.
Set realistic expectations by clearly defining the roles and responsibilities of all parties involved. Prior to entering into any new partnership, I meticulously outline expectations and commitments in a comprehensive proposal. This ensures transparency and clarity regarding each party's obligations before finalizing the contract.
CONTRACTS, CONTRACTS, CONTRACTS. Whether it's your mom, your bestie, a big client, or a small client, always ensure there's a contract in place. Even friends who are part of our team have contracts – if it's not written down, it's not binding. I've learned the hard way that verbal agreements can lead to misunderstandings. Contracts are essential to clarify expectations and protect both parties' interests. You can find templates online or have a lawyer create a customized contract tailored to your specific needs.
Know your strengths and your worth. While exposure and opportunities for growth are valuable, it's essential to assess the true value of each partnership and ensure it aligns with your goals. I've encountered situations where I've had to decline partnerships that didn't align with our values or adequately compensate for our contributions. It's a reminder to stay true to our strengths and stand firm in our worth.
I have a strong passion for collaboration and often find myself exhilarated by fresh ideas and new partnerships. Though not always flawless, I've learned to pause and reflect before diving in headfirst. Thankfully, I'm surrounded by an amazing team and a supportive network of fellow business owners, providing invaluable perspectives and guidance along the way.
Have advice you’d like to share? Feel free to email me at mandy@thecollectivein.com 🖤
Mandy Krickhahn
The Collective
Owner / Founder / CEO