The partnership conversation nobody wants to have is the one about underperformance. But it's the only one that matters.
I've reviewed hundreds of partnerships. The ones that went from struggling to thriving weren't the ones that changed partners. They were the ones that changed the approach.
When a partner underperforms, most companies either ignore it (and watch it deteriorate) or terminate it (and lose the opportunity). The third option—review, realign, and relaunch—is rarely considered. But it's often the most profitable.
A real review means understanding why they're underperforming. Is it capability? Support? Incentive alignment? Once you know, realignment becomes possible. Sometimes it's a training issue. Sometimes it's a structural problem. Sometimes you need to restart with new leadership on their side.
The partnership that looked dead often comes back stronger after an honest conversation and meaningful changes.