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Business AdviceVIP2015

Do You Have Experience with Joint Ventures?1367

Belew private msg quote post Address this user
I have written here before how terrible a judge of character I am.

And now I find myself in the position of forging some joint ventures.

Gun shy?

You bet.

Does creating some joint ventures make sense?

You bet.

We did a launch about a month ago that went fairly well.

Meet some of our students in the VIP 2015 Class.

The numbers were/are good. So much so, when we launch another class in January of 2016, other list owners want to participate.

That's good. Or is it?

What experience do you have with joint ventures?
How can I keep myself from being burned?

Got tips?
Post 1 • IP   flag post
Rev private msg quote post Address this user
Over the years I've participated in some significant joint ventures and some not so much. The thing is, the size was never a factor in their success (functional) nor their profit (financial).

The two most important involved individual successful business men who each hired me for a contract job that lead to more work and eventually turned into on-going joint-venture work. We continue to take up projects together from time to time. Both are trusted friends beyond the joint venture projects and one has become an important mentor to me.

I continue to be open to JV projects though not all are successful. Failure in a project doesn't necessarily mean failure with the association. I am currently working on a significant web project with a person with whom I started, then gracefully exited, an earlier project that was going no where. Sometimes things just don't mesh.

"You gotta know when to hold 'em; know when to fold 'em; know when to walk away, and know when to run. You never count your money when you're sittin' at the table. There'll be time enough for countin' when the dealin's done!" -- Kenny Rogers

Post 2 • IP   flag post
Belew private msg quote post Address this user
@Rev Thanks for sharing your experience.

I am exploring joint ventures in promotion by tapping into another's email list, and them into mine.

There are a lot of things to consider... I just don't know if I have thought deeply enough.

I tend to be impulsive and reevaluate as I things progress, or digress.

I am always 'in a hurry.' I think it comes from being able to do things instantly online for so long.

Instant is not real world.

I wonder what it takes to build a good JV email relationship.
Post 3 • IP   flag post
Rev private msg quote post Address this user
It's as easy as 1-2-3!

1. A couple of good lists.

2. Sincere trust.

3. Hard work.
Post 4 • IP   flag post
Belew private msg quote post Address this user
@Rev

The strategy is easy to understand.

Implementation ... not so much.

People have different values when it comes to trust.

I may trust you "this much" and the partner may/not be willing to go that far.

My definition of hard work is not the same as partner's definition.

It's those dang intangibles that get in the way.

How do you get everyone on the same page - level?
Post 5 • IP   flag post
Rev private msg quote post Address this user
@Belew

That is not necessarily a problem unless you choose to make it one. At the risk of "parsing words" again, let me ask, where is it written that joint venture somehow means equal venture?

While it may be nice, if you set the bar too high, and expect everyone to have your commitment, your ethics, your understanding, your knowledge... well, you get the idea.

If you are as good as you say you are than you are likely better than most people you will joint venture with. Of course you should expect them to perform well and you need to have some kind of written intention, agreement, undertaking, even contract, buy your experience also tells you that most won't live up to what they say (promise?) they will do.

Why would you expect otherwise? Factor in what you know to be true. There should be no surprises and no disappointments.

And who ever said a joint venture meant 50:50 when it comes to the rewards? Negotiate that along with the intent, and make sure it is clearly understood and in writing.

You know all this. Maybe other here don't, but will benefit.
Post 6 • IP   flag post
Belew private msg quote post Address this user
Those are all great points.

You are right... doesn't need to be 50:50.
Post 7 • IP   flag post
morrnel private msg quote post Address this user
@belew, consider spending some money on an attorney who knows this stuff to get you on the right path.
Post 8 • IP   flag post
Belew private msg quote post Address this user
@morrnel

One of the students in our VIP class is an attorney....
Post 9 • IP   flag post
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