Strategic alliances (SA) are increasingly necessary to compete in today’s business environment. SAs are a powerful way for companies to use their resources and capabilities more efficiently and to access new ones. Getting the right partner is of particular importance to SA success. This chapter discusses some factors that chief executive officers need to take into account when creating and managing alliances. It presents factors to take into consideration when bringing an alliance to an end. When searching for the right partner, managers should look for companies whose interests are aligned with those of their own company: their common goals must be clear. Managers from Grupo Salinas had talks with more than ten Chinese automobile manufacturers before finally partnering with First Automobile Works (FAW). Founded in 1953, FAW was a major Chinese car manufacturer. The chapter explains how governance and management bodies affect the future success of the SA.