CMake find_package dependency on subproject
In executable's CMakeLists.txt you can check if you are building stand-alone or as part of project:
if( CMAKE_SOURCE_DIR STREQUAL CMAKE_CURRENT_SOURCE_DIR )
# stand-alone build
find_package(static_lib1)
else()
include_directories(../static_lib1)
link_directories(../static_lib1)
...
target_link_libraries(executable static_lib1)
endif()