Episode 595: “What is your best advice when planning to do a joint venture?”

Today’s episode was recorded on a boat during an activity day in Costa Rica during a Diamond Mastermind, with Diamond member Sameet Lal who lives in California. Sam wants to know what is my best advice for going forward in a joint venture partnership.

I explain the the most important thing to consider before creating a joint venture partnership is to make sure that all terms and conditions of the arrangement are spelled out in writing and that it very clearly defines each partner’s role and responsibilities; as well as the consequences of each partner not meeting their obligations.

I discuss the importance of identifying anything that could possibly go wrong – and getting a clear agreement on how the joint venture partners will address those challenges when they arise.

I talk about making sure that the partnership is mutually beneficial to both parties for the long term so that both parties have a fair advantage in all situations.

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