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Joint Venture Negotiation Techniques
First, do a lot of homework on the type of business you’re dealing with, its unique problems, profit margins, challenges, back end and resources. You can use the Internet, speak to the competition, read industry publications and talk with company employees, vendors and customers. Also, speak to fellow Joint Venture Forum Members at your locals meeting, on the Internet and on your Members Only Conference calls. Six degrees of Separation means everybody knows people and you’re looking for contacts that can fast-track your information collection and due diligence.
Next, do serious research on the person you’re dealing with. Naturally, you should be negotiating with the decision maker. What is his or her “Hot Button”? What do they really, really want? What keeps them awake at night? What are their values, hopes, dreams, fears and aspirations? WHY do they want what they say they want? How much and what will it take to really get their undivided attention? You need to craft and personalize the Joint Venture to take full advantage of this knowledge to offer the ultimate benefit, a deal which is too good to be refused.
Is this person knowledgeable about the mindset required for a successful Joint Venture? Give him Joint Venture information to prepare his mind, such as the articles, video and other resources found here. Suggest he joins the DollarMakers Joint Venture Forum and/or attends a DollarMakers Joint Venture Broker Boot camp. Members have also realized the efficacy of giving them a copy of my book, Joint Adventures, to read in preparation to the negotiation.
Also, make sure you reduce the cost and risk on both sides to the absolute minimum, as well as the time required to make it work. Do this by leveraging existing resources instead of creating / buying / building new ones. That way, if things don’t work out as expected, nobody loses and the relationship remains strong, without resentment or regret.
"Always be positive, relaxed and unattached, and be prepared to walk away from any Joint Venture..."
Get the opinion of at least two respected mentors, Mastermind Partners, or Fellow Joint Venture Forum Members before presenting your case to your potential Joint Venture partner.
Finally, put everything in writing. This clarifies issues and responsibilities, duties, payments, time of payment, conditions and expectations. You could also mention the fact that things might not work out as expected, and what will occur under those circumstances. Clear communication is essential.
Always be positive, relaxed and unattached, and be prepared to walk away from any Joint Venture if you’re not comfortable or if the return on investment is not deemed worth the time and effort it requires, always bearing in mind the big picture. This attitude will strengthen your position.
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