Finding Companies that offer Joint Venture Collaboration
Below is the final section to our 3 part article exploring joint venture collaborations and relationships:
Keith Lamb, a Leadership and Strategy Mentor, shared some lessons he’s learned in dealing with joint ventures. He admitted that his company was burned once because they failed to look into the other partner’s history – they had already formed other joint ventures that failed. He stated, “We look for joint venture partners that have complementary products and services and share our business goals and motivations.”
Forging Good Joint Venture Relationships
He said he’s always seeking after companies with which he can collaborate and forge relationships that will result in a value up-tick for the customers. He said one that wants to be in the lead but bring no start-up cash will not be allowed to have their way.
His 2000 article titled, “How do I Make a Joint Venture Work?,” is written with several must-haves in terms of the up-front agreement about how the joint venture will run. They include the following: A start-up strategy, investments, goals, plans, execution, joint marketing and sales efforts.
Useful Links for Further Reading
We will be adding a Guest Writer’s page to WFiL website soon so you can read these articles, and more, in full. Until then join us on Tuesday for the first part of: Do Joint Ventures Make Money – do they work?
Just to let you know that the February foodie photos as featured in our Food Resource Gallery will be out on Friday 6th February.