Joining together in a joint venture (JV) agreement with another person or business entity is a common way to join forces without changing the structure of either business. When you join with another business temporarily, you can share resources in terms of people, technology and finances. This can make the combination stronger than each individual business.
There are many reasons to enter a JV agreement with the right person. But, before you get started, know why you want to do it so that you understand, based on your goals, who you should work with. Remember - join with someone who has a complementary business to yours, not your direct competition, and not when it has to do with your main source of bread and butter.
Rich Thurman’s passion is helping small businesses realize their full potential. With twenty years of real world experience in both small and large business, Rich has worked for and with both global industry leaders and small-town family-run storefronts.
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