Do your homework - 5 questions to assess potential partners and joint ventures
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The document outlines five key questions to assess potential partners and joint ventures, focusing on their goals, conversation dynamics, compatibility, intuition, and financial arrangements. Before discussing legal and commercial aspects, it emphasizes the importance of understanding mutual interests and shared values. It suggests engaging in vetting through observation rather than diving directly into financials.
Do your homework - 5 questions to assess potential partners and joint ventures
- 1. What are they trying to get done? Don’t talk dollars up front. The first question in partnerships is what are they trying to get done (and how can you help them get there)? Watch and listen Wait and see how they drive the conversation. Are they interested in getting to know you and what your goals are, or do they spend the whole meeting talking about themselves)? Does it fit? Does this partnership fit? Do you have the same target market? Do you share common values? Trust your gut Finally, what does your gut tell you? If your gut tells you something is not quite right, it’s usually time to walk away. What are your commercial arrangements? This is often after multiple conversations. If you’re both still keen to partner, then bring in the financials. Ask 'What are your commercial arrangements?’ - let them show their cards first. 5 questions to assess potential partners & joint ventures Look beyond the legals. Reference checks and legal advice are certainly robust ways to assess a partnership. Before you get the lawyers involved or discuss commercial arrangements, you can do your own vetting using this checklist.