How to Approach Someone for a Joint Venture

Before approaching anyone to do a Joint Venture, you should have done your due diligence and established the integrity of that person. That’s why we encourage our Members of the DollarMakers Joint Venture Forum to work only with other Members, who have agreed to abide by our Code of Ethics, instead of strangers. That is also the reason why it is in our Members’ best interests to grow the Membership in order to expand their JV partner options. Doing your due diligence might mean a Google, a credit check, a Better Business Bureau check and even a police check, as well as talking with their competition, suppliers, vendors, landlords, customers, neighbors and staff.

Once you have established the integrity of your potential JV partner, learn as much as you can about their business from the same sources, so that you are well prepared and knowledgeable about their business, demographic marketing target, profit margins, problems, aspirations, strengths, and weaknesses.

Here’s the kind of approach I would use. I would make sure that my packaging is intact, so that I can project credibility, focus, professionalism, integrity, and success. Then I would deal only with the owner / decision maker. My approach would be based on what I had learnt about them and I would ask them questions like, “What is it that you want for your business? What problems do you need solved? What goals do you have?” before I start telling them what I can offer or what I know about them. You learn by listening, not by talking. Once they start telling you what they want and you interact with them, they will quickly realize that you have done your homework.

Remember that your target has no interest whatsoever in you or your goals or problems; they are only interested in themselves. You are there to help them to get what they want, and you expect to be well paid for solutions you deliver. You will get that in writing. You will not be desperate. You are not a salesperson or an employee. You are their equal. You will not be managed or controlled – you will collaborate with them, and you will remove the risk and cost and time barriers to them doing business with you. The return on investment has to be good for both parties, not one-sided. Many of our members initiate the first meeting by sending the potential JV partner a copy of my book and referring them to their Replicator JV website. This sets the context and educates the prospect prior to your meeting.

“If I can bring you closer to attaining your goals, what specific remuneration can I expect per customer / order / event?” Do not reveal your modus operandi, your sources, or your action plan or give them the names of other JV partners before getting the agreement in writing. Be very specific, make notes, and beware those red flags:
They don’t make eye contact when they shake your hand.
They’re late for the meeting or late responding.
They take calls during the meeting.
They talk down to you.
They offer you ridiculously low incentives / commissions.
When you get a gut feeling that you are dealing with the wrong person, LEAVE. YAHOO! You Always Have Other Options!
Be very specific. People who say, “I’ll see you around nine” or “About a week from now” or “More or less 20%” are playing games and manipulating. If they refuse to be specific and commit, walk away. You do not need them. You are not attached. Hold them accountable to what they agree to. Make sure you can back out of any JV at any time should you discover that you’re dealing with losers. Do not be awed by the appearance of wealth or success.

This mindset has made millions of dollars for JV Brokers. Be strong, professional, committed, focused, and sincere.

For more information on Joint Ventures, please visit www.NoMoneyNoRisk.com

Robin J. Elliott