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Full partnership is not the end of the road. As we develop more trust with our partners, as we achieve predetermined worthwhile goals, as our desire to benefit personally from the arrangement is sustained, our commitment deepens. Partnerships can revert to earlier stages— back to reassessing needs and redefining what we want from our partners.

Just as we reestablish a Norm stage following a return to the Storm stage, we can recommit to a partnership that we have chosen to redirect. In both cases, the establishment of trust sustains the partners through setbacks and potential turmoil.

Our commitment to a full partnership, therefore, is not a final destination, but an ongoing process. The relationships are performing, the synergies are generating mutual benefits, and the partnership becomes increasingly well-established. Sustaining its growth is the challenge. At this point we may want to do some strategic planning. This planning can be done within the boundaries of the partnership to create a mutual future, or it can be done in a larger arena. Many companies present organizationwide “future search” conferences where they invite their partners to try to envision what their partnerships will look like five or ten or twenty years down the road. The more mutual the planning, the deeper the relationship. Trust is a catalyst propelling people into the creative zone.

Corporate bond markets typically reward companies for stable revenues and earnings. However, empirical evidence shows that in times of high risk appetite and positive expectations for future economic growth, companies with rather volatile revenues tend to outperform. That is because when there is a lot of optimism on revenue growth, companies with volatile revenues usually benefit the most. Similarly, for companies with a history of high earnings volatility, the probability for a margin expansion is particularly high as the economy recovers. Therefore, if the market expects a cyclical recovery, corporate bonds from cyclical sectors tend to outperform due to the companies’ high degree of operating leverage.