How do you maintain positive relationships with joint venture partners after exiting?

Even more, than just communicating your exit plan, I strongly advise clients to sign a Mutual Settlement & Release that, at a minimum, outlines: 1. Money: Who owes whom how much, if anything, and 2. IP: Who owns what (if anything was created as the result of the JV, including who has the right or responsibility to register any IP, such as copyrights or trademarks), and 3. Release: Excepting the obligations in the Release document, a mutual release of all other claims and obligations for both parties. This is a simple path to setting expectations and avoiding fallout.

Providing support and feedback after the exit process is a solid way of almost ensuring that your joint venture partner would favorably consider doing another joint venture with you in the future. Having built loyalty and trust with your joint venture partners Can also lead them to introducing other potential partners.

Staying in touch and maintaining contact with your JV partner It is for everyone's benefit. Have a monthly Zoom meeting to discuss new opportunities to do Another joint venture together. How many other businesses might be a perfect match for a JV With a new partner.

Each joint venture partner has in their own database other businesses Clients, or Vendors, and suppliers who could be a perfect match For your existing JV partners. Your JV partners must search their own databases for suitable JV partners to do a JV with. Endorse your existing JV partners directly to those you've identified Within your database who would be a suitable JV partner.

Here is an additional point of view on this issue. How do you maintain positive relationships with joint venture partnerships on exit? Positive relations with Joint Venture Partners begin with: •Careful Planning Every partnership begins here •Open Communication This is a key component of any business relationship. A lack of communication breeds distrust and suspicion. •Trust Trust is an essential element of a partnership which is built by abiding by the agreements made in furtherance of the joint venture. Trustworthy partners are easy to. work with as you can rely on their words and actions.