Three Keys to Joint Venture Success
There are three vital characteristics to look for in your Joint Venture Partners. If any one of these is missing or suspect, walk away – but walk FAST. If all three are in place, however, look forward to a lucrative, long-term, and satisfying Joint Venture partnership that will outlast any challenges and forge a strong and enduring friendship, which exceeds any monetary rewards.
The first Key is Congruency. That simply means that people walk their talk. That they live according to their professed values and beliefs, and that they are true to their word, honest and reliable. Congruency means you know whom you’re dealing with. There is no place in Joint Venture relationships, or any relationships, for that matter, for dishonesty, hypocrisy, and double talk. What you see should be what you get. Seek straight shooters, not politicians, and shysters. Not excuse makers. In addition, if people are congruent, that means they are driven by their philosophy, so make sure they are Capitalists and not collectivists. Remember to watch out for the Bible thumpers – they are usually the least honest of all. People who have to tell you how honest they are, are usually not.
The second Key is Constancy, or consistency. The same, yesterday, today, and tomorrow. Not one day your friend and the next day a stranger, no Jekyll and Hyde, schizoid behavior. You’re looking for people who are there when you need them, who return their calls and e mails promptly, who deliver on time, who do what they say they will do and who always show up for you. People who have your back. Long term. Not in for the quick buck. No desperados. Look at peoples’ track records for clues as to whether you have picked up another loser who is pretending to be a winner. You’re looking for solid, grounded, stable JV partners.
And the third Key is Creativity. Joint Ventures should be based on strong relationships of trust and commitment, but they WORK because of creativity. People who are too analytical will suffer from “Paralysis of Analysis” and forget all about the bottom line. You have to be able to deal with imperfection and see the opportunities. It’s essential that Joint Venture Brokers are open-minded and that they are open to the ideas of others – that enhances the creative possibilities in JV’s. Without creativity, you have an employee mentality that insists on selling time for money, thinks in terms of scarcity, and has a feeling of entitlement. Capitalism is founded on creatively delivering value and being paid for it.
By carefully selecting your JV partners you save time and frustration, money and tears, and you achieve amazing results. Be prepared to say, “No” and be ready to walk away at any time when you see that one of the three Keys is missing. "Birds of the feather flock together" - who are you flocking with? Do you want to go where that flock is headed? A good team accomplishes magnificent things. Find the right partners in the DollarMakers Joint Venture Forum.
Three Keys to Joint Venture Success - To learn more about this author, visit Robin Elliott's Website.
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David Barr
David Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business.
David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Are your sales where you want them to be? Will you be one of the few who achieves sales success or one of the many who have failed to change? So what are you doing to change those results? Let’s be honest, with companies moving globally and at lightening speeds, the traditional business solutions are outdated and dead. My approach moves your business out of its comfort zone and secures your competitive advantage now. If you are seeking to increase sales, build customer loyalty, create a culture of great attitudes or just achieve some sleep filled nights, then we should talk because my clients have experienced exactly those types of results. Learn more about customer loyalty at http://www.processspecialist.com/customer-loyalty.htm Give me a call at 219.759.5601 for a free strategy session. P.S. If you are seeking a motivational speaker, sales trainer or small business expert that will leave your audience smiling and remembering, please feel free to contact me at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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