When businesses think of team building, business owners usually associate it with building their companys internal workforce into a lean-mean fighting machine. Team building, however, should be extended to include external relationships such as those with other businesses. Enter joint ventures or JVs for short.
Joint ventures generally are business partnerships established between two or more parties (individuals, business groups, companies, corporations) for the purposes of expanding the business and achieving merits by joining forces and working as a team. The parties involved in joint venture agreements complement each other, leverage each others assets assets, compensate each others weaknesses, and at times equally share risks.
Less than 5% of businesses actually use joint ventures effectively and most dont even use it at all. In order to get the most out of joint ventures correctly, multiple factors such as choosing who to partner with, approaching potential partners correctly, negotiating a win-win deal for all parties involved, and having a well-coordinated execution need to be taken into consideration.
There are several types of joint ventures....
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