|
Contracts
and Claims
Timely articles covering the most pressing issues
facing construction firms in the Midwest
How to handle no-show
joint venture partners
by Habiba Abubakar
Profitdiva.com
http://www.profitdiva.com/
LONDON, ENGLAND October
25, 2005 – Joint venture marketing is the
fastest, easiest, and most profitable way to
increase your client base and generate huge
profits. But, one of the VERY FEW downsides is
that you may run into unserious joint venture
partners who can make the process slow,
difficult, and unbeneficial.
“No-show” is the
polite term for joint venture partners who make
empty promises. Ever come across them? They are
the all-talk-and-no-action types who seem to have
all the enthusiasm in the world to joint venture
with you in the beginning.
Initially, it looks as
if there’s a strong “connection” during
your meeting. They come across as being very open
to ideas, and they may even appear to have the
same values as you. Then suddenly … they
don’t reply to your emails, they don’t return
your phone calls, and they make several “I’ve
been busy” excuses for their inappropriate
behavior.
This often happens when
your joint venture partner is someone you’ve
just met. It can occur whether you approached the
joint venture partner first or whether they made
the initial contact.
So how do you avoid this
“no-show” situation or rectify it? Here are
some helpful tips:
1. Be clear
about what you expect
Right from the start,
don’t be afraid to initiate a conversation
about committing to the project. Without
mentioning names, talk about your past
experiences with no-show joint venture partners
(or experiences you’ve heard of). Politely
reassure your joint venture partner that you’ll
operate efficiently, and that you expect the same
from them. They’ll appreciate your direct and
professional approach.
2. Make them
commit to a specific date
Ask your joint venture
partner for a convenient date that they can
commit to for executing the venture. After
you’ve finalized every aspect of the joint
venture, send them a confirmation letter that
outlines what has been agreed, including the date
of commencement. Ask them to let you know whether
the fixed date is still convenient for them. This
gives them another thinking opportunity to ensure
that they want to go ahead with the project.
3. Have a
contract in place
Draft a contract with
details of everything agreed. In the contract,
insert a clause that explains what constitutes
unacceptable behavior, and what will happen if
such an “unlikely event” occurs. Make sure
the both of you sign the contract. If you sign
the contract and they don’t, they are not bound
by it. Note that even with a contract in place, a
joint venture partner who is in the habit of
making empty promises may still breach the
contract. However, having everything detailed in
a contract covers your back, and will certainly
shame the unserious joint venture partner.
4. Stay at the
top of their mind
Some joint venture
projects are finalized months in advance, and the
parties involved may not need to discuss the
project again until the implementation date gets
closer. In this case, it’s easier to keep in
touch with an old friend or associate than it is
to do so with someone you’ve just met. If your
joint venture partner is a new friend or
associate, stay at the top of their mind by
keeping in touch with them. For example, you may
send them a birthday card or send information on
an event you think they’ll be interested in.
This will make it difficult for them to
disappoint you because each positive contact will
make them know, like and trust you more.
5. Let them know
who you know
Relationships are so
important in business, and so is reputation. Your
joint venture partner will not want to disappoint
you when they know that you have a quality
network. Why? Because they would want to tap into
your network of influential friends, colleagues
and associates, and they are fully aware that
those in your network will hear about their bad
behavior. Subtly mentioning who you know to your
joint venture partner will encourage them to keep
their promises. Something as simple as “Since
you’re a Chicago-based coach, you must know my
friend Joe Smith,” is good enough. Your joint
venture partner may not have heard of your
influential friend, but by the time you explain
what he does, they’d realize why they need to
know him.
6. Cross them
off your list
If all else fails, then
you’ll have to cross the unserious joint
venture partner off your list of friends,
colleagues and associates. After all, you want to
ensure that you’re hanging out with the
professional, ethical and credible crowd. If your
joint venture partner doesn’t have the courtesy
to reply your emails or return your phone calls,
fails to keep promises, and can’t give a
reasonable explanation other than the “I’ve
been busy” routine, then you should be
concerned about the future of your relationship
with them. Your aim is to find credible centers
of influence that you can joint venture with over
and over again. A habitual no-show joint venture
partner is likely to keep doing so, and you
don’t want to go through such unnecessary
headaches every time you plan a project with
them.
When it comes to joint
venturing, it’s always wise to start with those
you already have a relationship with or someone
being introduced to you by your friends and
colleagues. That’s because it’s more
difficult for someone who already has a strong
connection with you (or someone being introduced
to you by your friends and colleagues) to
disappoint you.
Copyright © 2005 by
Habiba Abubakar and Emprez. All rights reserved.
About the author
Habiba Abubakar, a.k.a. The Profit Diva,
specializes in helping small business owners who
are struggling to increase their client base, and
are tired of earning mediocre profits. Get your
copy of her FREE 7-part mini eCourse, “The
Easiest Way To Skyrocket Your Profits In 90 Days
Or Less,” when you subscribe to her FREE
business-building newsletter at http://www.profitdiva.com
>>
Article Source: http://www.Marketing-Seek.com
<< Back to articles
|
