A recognized master at problem solving, Anwar Jumabhoy, author of the recently published book 9 Entrepreneurisms: Management Practice for a VUCA World, has exceptional Joint Venture (JV) expertise and experience. Better yet, he’s more than willing to share his wisdom.
Involved in several Joint Ventures over the past 30 years, Anwar stresses the importance of approaching every prospective JV with an open mind. It is important he adds, to not enter into a JV arrangement with someone you don’t know well. In other words, do your homework and nurture the relationship.
“Some JVs have worked while others have not; it’s no different than a marriage,” says Anwar.
“You don’t want to get into a JV with a partner you don’t know or one who doesn’t share the same values and aspirations as you. Differences in capabilities or competencies are great and can strengthen the relationship but always remember you cannot bridge a value gap.”
Anwar notes that the motivation for entering into a JV, for both parties, is to leverage the other’s strengths, because, individually, each doesn’t have all the skills or resources required, or they lack knowledge of a new territory or product.
To avoid problems, Anwar says it is “critical” to have an agreement in place that spells out, in simple terms, what each party is bringing to the JV arrangement and what their expectations are.
“Be open and honest with your prospective partner and talk about the hard stuff,” he says.
“You need to cover the possibility; regardless of how remote it might seem, of what to do if the parties have a falling out. What happens if you decide to terminate the JV?”
Quoting Black Card Books founder Gerry Robert, Anwar says “Get it down, then get it right!”
“If all goes well, you won’t have to refer to a binding agreement but if it doesn’t, both parties have a basis for handling the break-up, much like a pre-nuptial agreement.”
To learn more about Anwar’s work and his passion for it, visit his website at www.9Entrepreneurisms.com. For more specific advice, connect with him on LinkedIn at www.linkedin.com/in/anwar-jumabhoy-8252824 and on Twitter @anwarjumabhoy.
You truly are a Joint Venture Master, Anwar! High praises for you!