December 29, 2023

Today I had an interesting experience with a client regarding a possible joint venture. It’s always interesting to me how a person’s true nature comes out during the slightest stressful situation. I’m not saying the reaction was bad, just interesting how we are all wired differently.

The gist of the encounter was related to frustrations from several assumption. Without going into any details, it was pretty obvious the joint venture was viewed more as an employee/employer relationship rather than a JV. God be praised for sparing me the agony had we actually put ink to paper on this one.

Now, a reason for my title choice should be clear…..you know yourself, you trust yourself, you ARE yourself. Your contract with you is a contract with your conscience, etc, etc. You can’t break up with your self and if you JV with yourself you can change the mind or direction of everyone in the venture with a snap. Sounds great right? It is!

But what about partners, consultants, employees and everyone else? They’re fine, you’ll get to them. For now, go it alone. Until you have a proven business, product, offering or processes…..go it alone. I’m not saying shut yourself off completely to joint ventures, but go in with the intention of going it alone.

This type of attitude will do two things;

1) Deem you as stubborn (as I have been called in the midst of JV negotiations), but it will tell potential partners you are firmly in one corner of believe/values/principles and will only consider ventures with concrete boundaries (also good for the moral compass).

Outcome – you earn respect while vetting the quick buck JV seekers who will waste your time and turn your hair grey(er).

2) Set you up for higher value joint venture partners who will seek YOU out.

Outcome РSaying no generates curiosity  and usually a question of self worth (from the JV). This can lead to a sweetened deal from higher quality partners.

So that’s it…got it alone and before you know it you’ll have high value, high quality JV opportunities to pick from.

Just my two cents.

Best,
Patrick

 

 

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