What should you be looking for in a JV or strategic partnership?
I’ve seen a massive increase in Joint Ventures and strategic partnerships in the last 5 years. If you get it right, you can increase the probability of business success and accelerate the process.
SO – what will maximise your chances of getting it right?
✅ CAPABILITIES. You want a partner that brings something to the table you don’t already have. More than that, a partnership which is greater than the sum of its parts.
✅ NETWORK. The right kind of strategic partner offers access to investment, new markets, potential buyers, invaluable know-how, other business owners and a range of opportunities which will significantly increase the value of your business.
✅ CHEMISTRY. You don’t have to be best buddies, but mutual respect and likeability is important. You need to share the same vision for the partnership and good communication comes as standard.
✅ TRUST. Really is the foundation stone. While it’s vital to articulate the terms of an amicable split upfront (just in case), a partnership lacking trust is doomed to failure.
✅ ADAPTABILITY. Nothing ever goes completely according to plan. It’s the ability to make smart adjustments along the way, which can make or break an effective partnership.
✅ COMMITMENT. One of my favourites. Only by being totally committed to the partnership itself and the end-goal, will a successful outcome be fully achieved.