Getting a partnership deal done requires more than a good pitch; it requires an internal advocate. Leaders should leverage their network to identify and cultivate a champion inside the target company. This person is critical for navigating internal bureaucracy and pushing the deal over the goal line, as "there's a million ways for deals to die."

Firm growth, like raising larger funds or opening new offices, is often driven by internal politics—the need to create career paths and pay raises for ambitious junior staff. This can lead to strategic drift and diluted returns if the expansion is not aligned with the core investment philosophy that made the firm successful.

Merchant banks consciously limit their size and reject rigid corporate structures to maintain flexibility. This is a core competitive strategy against larger, slower institutions. Decisions are made through quiet, direct conversations between principals, not through committees or formal channels, enabling them to move with unparalleled speed and agility.

By appointing co-heads for major departments, firms can mitigate 'key person risk.' This structure ensures no single individual becomes so critical that they can leverage their importance for outsized demands, as the company can always afford to let one of them walk away.

By compensating employees based on firm-wide results, Goldman's partnership culture turns every employee into a risk manager. This structure incentivizes people to scrutinize activities outside their own silo, creating a robust, decentralized system of checks and balances that protects the entire firm.

A sponsor can fail you in three subtle ways. They may say the right things but never risk their political capital. They may genuinely believe in you but lack the actual power ('juice') to influence decisions. Or, most dangerously, they may only advocate for people who remind them of themselves.

A 'champion' likes your product, but a 'coach' has the internal experience and political capital to navigate procurement, legal, and other departments. To qualify a coach, confirm they have successfully managed similar complex projects in the past and can protect you from internal minefields.

Advocating for founders sometimes requires direct confrontation. During the SVB crisis, Ron Conway didn't just advise; he directly pressured the heads of congressional banking committees, telling them they would be responsible for a worldwide crisis if they didn't act. This "fearless" approach is crucial in high-stakes situations.

Corporate Development facilitates M&A but should not be the "sponsor." The true sponsor is the internal leader from product or engineering who will own the acquisition's success post-close. This distinction ensures clear accountability and prevents deals that lack a dedicated internal champion.