Tips for Successful Vendor Partnerships

James Gorman, executive VP, Merrill Lynch’s Global Private Client Group

• Think about negotiations as a way to learn more about your company’s needs and your partner’s capabilities.
• Make it very clear to your partner that negotiations are not the crux of the relationship; they’re just the first step in the formation of a long-term arrangement.
• Ensure that the partnership is not too one-sided, that each partner has as much at stake as the other.

Byron Vielehr, cohead and CTO, Merrill Lynch’s Global Private Client Group

• Get executive sponsorship from the business.
• Take a pragmatic view of the contract you strike. Under- stand that you can’t cover all the situations you’re going to face.
• Make sure you get the organization behind the project. You don’t want people poisoning the well from within.
• Acknowledge problems and successes as they happen.