Donna Genie (speaker) introduces the risks and common failures of traditional business partnerships—difficulty exiting, financial/legal entanglements, damaged reputation—and proposes joint ventures as an alternative approach that can create win–win outcomes for partners.
Would you like to bring a partner into your business? But you've heard the horror stories of all the divorces with partnerships that make it really tough to operate. Well, let's share a little bit of a secret about how you can bring a partner into your business if this is the right move for you. So in the old days, we had a partnership where two people decided, hey, I'm going to bring some skills and you're going to bring some skills or money, and we're going to put them together and make a great business. So in the business, if you decided that you were mad at your partner, you needed to leave, there was some reason you needed to exit or you had to get out of that relationship. Well, if you want to exit, you got to get out of business, too. In most cases, people have invested a whole lot of their reputation, their money, all of their assets into a business, and it's very difficult to walk away. In a lot of cases, people are declaring bankruptcy, going to court, and have messy strategies that we just don't like. Well, let's talk about a joint venture. I think this is an answer to a lot of problems in the world right now and has some win win for both people involved.
