| During your ongoing business dealings, you may find | | | | During your JV partnership, you may have shared |
| that your markets change, your customers grow and | | | | some confidential information about you personally |
| diversify into other demographics, and even your | | | | and/or business. Talk with your JV partner during |
| products or services may modify into something | | | | your closing discussions to assure that certain |
| new. This can also be the case for your joint venture | | | | information concerning you, your business, or your |
| partner's business as well. If you find this happens | | | | business clients does not get exposed. And, of |
| and your JV cannot adapt with the changes, or your | | | | course, be willing to keep the secrets of your JV |
| JV is on the road to termination for any reason, here | | | | partner as well. |
| are some things to think about that will make your | | | | Future Income and Expenses |
| JV dissolution easier and painless. | | | | Even if you and your JV partner dissolve the venture |
| Buy Out | | | | today, there may still be some residual business that |
| If you and your JV partner formed a separate joint | | | | must be handled and agreed upon. Determine who is |
| venture company, you may want to discuss having | | | | entitled to future residual income from the JV |
| you or your partner buy the other out. If the | | | | activities, and who is responsible for making |
| business strategy still works, but you or your JV | | | | payments to unpaid vendors. You will also need to |
| partnership is calling it quits, then it makes sense to | | | | decide who will handle the bookkeeping of the future |
| try and continue the business venture. If you wish to | | | | income and expenses if the activities do go on. |
| buy out the enterprise, you could try it on your own, | | | | Even if you and your JV partner drew up an |
| since the business flow has already been established, | | | | exceptional JV agreement and included an exit clause |
| or you could try to recruit another JV partner to | | | | and strategy, there will most likely be some issues |
| keep the new business going. | | | | that need to be resolved. A good plan in the |
| Intellectual Property | | | | beginning can help your exit be more smooth and |
| Did you and your JV partner share intellectual or | | | | painless, but continue your dissolution with a positive |
| proprietary information? You will want to discuss how | | | | attitude and business-like manner so that your closing |
| to unbundle your respective proprietary products or | | | | negotiations will come to a friendly conclusion. |
| services and even sign a non-disclosure agreement | | | | Working to keep trust between you and your JV |
| (NDA) to assure that important business secrets are | | | | partner can go a long way to continuing good |
| not revealed on either side of the JV partnership. | | | | relations with others in your business community. |
| Confidential Information | | | | |