Partnering for your success

To find the right partner, it may help to have a designated team including on-the-ground professional advisers and agents to seek out appropriate targets. The team's primary functions will include conducting a market analysis of players, meeting stakeholders and officials, and building the relationships necessary to begin discussions for any deal. Knowledge of Chinese and East European business culture and etiquette are thus key to making the most of these opportunities.

When seeking partners in China and Eastern Europe, businesses need to think ahead to issues that may occur post-deal finalisation such as local talent recruitment, management and retention, and building flexibility and adaptability into their business models. Seek out partners that have enough experience in the local industry and familiarity with differences among local consumers and industry segments to see how to carry through with ideas. Above all, these partners must possess the resources and relationships that complement yours. But alliances come with their risks. The importance of trust and regular communication cannot be over-emphasised.