Partnering in business is a strategic tool that helps companies grow, expand their business opportunities and improve their competitive strength. However, on the way to a prosperous partnership, you are very likely to face challenges that require your close consideration and thoughtful decisions.

In a podcast on Artur Lupashko's channel, Artur Lupashko and Andriy Marenchuk, the CEOs of Ribas Hotels Group, share their experience and discuss the most important aspects of building partnerships. We have identified several key criteria for a partnership, which the speakers covered

1. Trust as a foundation

Trust is the bedrock of any partnership. In the first three months, you look closely at each other to understand each other's values and approaches. If these match, your partnership has every chance of success.

This is the first and perhaps the most important step in building a solid and lasting business relationship. Trust lays the foundation for interacting with each other and encourages business partners to be transparent and honest with each other, which is important for addressing any issue. However, as practice shows, trust is a process that takes time and effort. It does not occur instantly but rather is built gradually through interaction and cooperation.

At Ribas Hotels Group, we pay special attention to building trust at the stage of signing partnership agreements. It is at this time that business partners have the opportunity to discuss all key points, articulate their expectations and understand how closely their views of the business are aligned.

2. Defining roles and responsibilities

For a partnership to be effective, you need to define from the outset who will be responsible for what and how benefits will be distributed.

“A partnership is always based on the benefits that the business will generate,” says says Andriy Marenchuk, managing partner of Ribas Hotels Group.

All partners should clearly understand what they are responsible for and what their responsibilities are in a joint venture. This helps avoid conflicts and misunderstandings, which often arise because of an uneven distribution of efforts or a vague understanding of responsibility.

“If we fail to achieve parity, we part ways with such partners. But we normally succeed,” notes Artur Lupashko, the founder of Ribas Hotels Group.

A partnership is not only about making financial investments but also about investing your time, effort, knowledge and expertise. In business, everyone has a role; some people manage processes, some people invest, and some people control how things are done. When everyone knows their area of responsibility, your partnership runs smoothly.

3. Communication as a key to addressing problems

Communication is the primary tool for maintaining good partnering relationships. A thriving partnership is built on an open dialog where not only achievements but also challenges are discussed. Timely discussions help partners understand each other, find compromise solutions, and avoid conflicts.

A partnership is like a relationship between people. Just like in a relationship, you need to discuss any issues in a partnership, even if they look awkward. This helps build healthy relationships and avoid disputes.

4. Complementarity

“Any partnership should be about complementarity. You shouldn't do business with friends just because they are your friends,” says Artur Lupashko.

Each partner brings to the table what they do best. Some are involved in operational management, others in strategic planning or investment. This approach helps develop business effectively and achieve common goals.

At Ribas Hotels Group, we are continuously expanding the pool of our partners and welcoming new investors and companies for collaboration. In addition, the company encourages employees to open separate subcompanies in partnership with Ribas Hotels Group.

5. Collaborative development

According to Andriy Marenchuk, investors who buy apartments in the complexes managed by Ribas Hotels Group are viewed as partners rather than mere customers. After all, they invest in business, meaning they work together for a shared purpose.

A partnership is not simply about working together but also about developing together. Each participant in a partnership has the opportunity to contribute and reap the benefits. This applies not only to companies but also to investors who are involved in project development.

Hence, a business partnership is a challenging yet exciting process that requires attention to detail, openness, and willingness to cooperate. Ribas Hotels Group always prioritizes trust, honesty, and mutual benefit, which enables us to build effective long-term partnerships.

You are welcome to listen to the full version of the podcast on our YouTube channel, where the speakers shared more details about their experience and approaches to partnerships.

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