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Members of a healthcare facility's medical staff, real estate investment trusts, equipment vendors, and others often approach hospital leaders seeking to form partnerships. Although the pressure to rapidly close a deal is significant, there are two considerable risks. The first is the potential to form inappropriate partnerships that fail, and the second is leaders who delay potentially dynamic partnerships for fear of failure or loss of control. However, these and other risks can be minimized by taking a 10-step approach to evaluating and selecting a strategic partner.