| You have found a list of suitable potential joint | | | | Do as much research about your potential partner |
| venture partners and have approached a few with a | | | | before you meet. You may ask previous customers |
| proposal. One of them is excited about the | | | | or even an administrative assistant about how he |
| proposition and is ready to move forward with the | | | | responds to certain situations. |
| details. How do you proceed with the negotiation | | | | However, mostly you will learn much by face-to-face |
| phase? | | | | contact and posing questions to your potential JV |
| When you are ready to begin negotiations with your | | | | partner. Find out what he values. What are his |
| prospective JV partner, here are a few basic | | | | dreams? Fears? And what does he REALLY want? |
| guidelines that can help make the most of your | | | | Design questions that will help you get to know your |
| negotiation sessions and ensure that you reach a | | | | potential partner and discover the answers to these |
| mutually successful agreement. | | | | questions. It will go a long way in crafting a truly |
| Know Your JV Partner's Business | | | | unique and personal JV agreement between the two |
| Nothing sounds more amateur than entering a | | | | of you. |
| negotiation with no knowledge of your potential | | | | Be Prepared to Educate About JVs |
| partner's business. Even if your potential partner is in | | | | Your potential JV partner may not be savvy to the |
| the same business as you, there are still many | | | | benefits of a JV arrangement. Be ready to have as |
| factors that you need to know that affect his | | | | much information that your potential partner requires |
| business. Research possible and unique problems and | | | | to feel comfortable with the decision to from a JV. |
| challenges with profits, resources, and marketing. | | | | Use articles, video, and other resources that can help |
| Research can be performed on the Internet. Read | | | | convey the benefits of a successful JV. Choose a |
| your potential JV partner's website. Browse and read | | | | Relaxed Atmosphere |
| industry publications. Discover any message boards | | | | A good negotiation will happen when both parties are |
| that mention your JV partner's business. | | | | relaxed and ready to communicate. That may be a |
| And don't forget to do "live" research as well. You | | | | restaurant, or meeting space, or even at a home. But |
| could perform a "secret shopper" style of research | | | | make sure the environment is comfortable with no |
| to get knowledge about how customer service is | | | | distractions while you negotiate. |
| performed. Purchase a product or service and test its | | | | A successful JV negotiation is when both you and |
| boundaries. The more you know about your potential | | | | your JV partner are happy with the arrangement. |
| partner's business, the better equipped you will be to | | | | Neither of you should feel like you have a lesser part |
| handle negotiations. | | | | of the deal. However, if you want to help facilitate a |
| Know Your Potential JV Partner | | | | good negotiation, follow these guidelines and you'll be |
| Find out as much as you can about the person you | | | | on your way to a happy and fulfilling JV with your |
| will be dealing with. Is he a delegator? Does he prefer | | | | partner. |
| to be "hands on" and involved in every little decision? | | | | |