Finding the Right JV Partner for Your UK Property Business
We have been in property since 1994. We have had our fair share of JV partners. Unfortunately most did not work out. In all of these years can say I still have 2 reliable and honorable JV partners. Over and over again in the business world how poor business partnerships can end due to short term thinking. What looks good on paper doesn’t always end up working in the real world. People have to keep to their word and have the highest level of integrity. The right partners can be the key to greater success like in the case of Apple. Some of the greatest partnerships in the world are exemplified by
- Steve Jobs and Steve Wozniak of Apple
- Bill Gates and Paul Allen of Microsoft
- Larry Page and Sergey Brin of Google
Successful JV partners recognize their limitations and respect what the other can bring to the table. For example our Manchster JV partner sources, manages the builders and liasons with our social housing providers. Our main job is working with all the finances and selling the properties.
Some ideas to consider with JV partners
- Look for long term JV partners who share your long term focus. No get rich quick here!
- Take baby steps with JV partners. Potential partners start with something small to see how the two sides iget along. If the test run works out, longer-term projects are then go forward.
- Avoid JV partners when you’re desperate, just like the worst time to get involved in another relationship is right after a breakup. The cloudy judgment makes for business disasters.
- Avoid JV partners with friends.
- Avoid partnering just for security and emotional support for the journey.
- Avoid partnering with people you like because you think it’ll be fun. Base partnering decisions on intergrity , abilities, knowledge, numbers, and economic fundamentals.
The right JV partnerships can lead to success and fulfillment. The wrong ones can lead to failure, frustration and even lawsuits. When considering a partnership, know what to look for and what to avoid. Know your limitations and your strengths. Know the integrity of your JV partner.