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How do you set up a JV so there's complete transparency?

by Mark Pescetti
5 replies
So...

I've already done quite a few really successful JV's with other IMers over the years.

But I recently had a slew of bad experiences.

I'm a handshake kinda guy. And it's always worked - until now.

So...

My question to y'all is:

How do you set up your JV's - so both of you (or everyone involved) can see the actual sales and have equal access to the funds?

I've just been allowing people to PayPal me my half of the profits. And even if they've been jerking me a little, I've still done 6 figures. However, I'm getting into bed with a few new people that are pretty cutthroat. I want to prevent more of my recent BS adventures.

Cheers for any input!

Mark
#complete #set #transparency
  • Profile picture of the author Sean A McAlister
    Hey Mark,

    It depends on how the deal is set up. JV can mean a lot of different things...a Joint Venture in Real Estate isn't the same as a Joint Venture for a start up

    And in the world of IM, JV is used very loosely and 80% of the time isn't really a Joint Venture under the true term.

    So, if you setting up a deal where you're splitting profits a limited partnership agreement is what you're probably looking for.

    The main thing is that you issue paperwork. If the person you're working with understands business then this won't be an issue. Business is Business.

    Define the terms, the responsibilities, roles, % as well as what happens if there is a disagreement (Mediation Clause) sign and roll.

    I use a contract for every deal where there is more of a partnership scenario

    Hope this helps
    Sean
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  • Profile picture of the author Brian Tayler
    I don't always setup a separate company (although yeah you probably should). But I wouldn't shy away from JV'ing with someone I didn't feel connected to either (meeting/knowing eachother in person if at all possible as well).

    However outside of that... I HAVE always signed agreement documents, and require the same of a JV partner.
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  • Profile picture of the author WillR
    I have done JV's also and used the JV feature available in the payment processor which means the funds from each sale are automatically split between the JV partners so there is no confusion at all. I believe Warrior Plus, JV Zoo, and even Clickbank now have the JV feature. There may be others but they are the ones I know.
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