Getting Your Potential JV Partner to Say Yes
One of the most challenging tasks that you will have in forming a joint venture is not finding the right partner, but making the pitch and getting them to say "yes" to your proposal. JVs are not the usual business paradigm that many entrepreneurs and business owners are accustomed. Whether it's a lack of knowledge or experience, other business owners may be doubtful and unconvinced of the benefits a joint venture can bring to them.
What should your strategy be to approach and convince a potential JV partner? Here are three important elements to keep in mind when you begin your path to JV success:
Build a Relationship
The most important thing about forming a JV partnership is trust in each other. Relationships are the key to any business success. When you approach a potential partner, it's important that you are likeable and sincere so you gain the trust of the other person.
* Build rapport - Find the common ground. What do you have in common? Are you both in the same industry? Did you go to the same college? From the same state? Find the common ground that will build a connection between the two of you.
* Make them feel important? When you give a compliment or praise, your potential JV partner you make them feel important. Building rapport and making them feel important are great ways to get them open to your ideas.
Teach the Benefits
The best way to overcome skepticism or resistance to a JV is to teach them the benefits. When you help your potential JV partner understand what's in it for him, it clears a path to the "a-ha" moment when he ponders the possibilities.
* Money money money - Hit on the lucrative points as often as you can. Letting them know that a JV can help them make money with less effort is probably the biggest benefit they will want to know.
* Autonomy - Agreeing to a JV does not mean they are jumping in as 50/50 business partners. They still get to keep their autonomy in running their own business. A JV simply means they will agree to join you in a specific business deal or venture.
Pitch the Proposal and Close the Deal
Once you have a good rapport going and softened the resistance to joint ventures, you are free to move ahead with your specific proposal. What do you want your potential JV partner to do? Give him the broad view of the proposal and then go into specifics on how you think it will be successful.
Don't forget that your potential JV partner has opinions too. Ask him what he thinks about your proposal and whether he has any ideas to add. Giving them part ownership of the proposal will help them feel more attached to the deal.
Your JV proposal requires the steadiest of hands in convincing a potential JV partner. Your respect and enthusiasm will go a long way in sealing the deal.
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