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Sample of our how to create a joint venture template:

How to Create a Joint Venture Standard Operating Procedure Department: Management Purpose: A joint venture is a strategic alliance or partnership between two or more parties that allows both parties, usually companies, to increase their ability to build their separate businesses. Joint ventures are commonly used by companies to become active in a new territory and return higher profits by expanding the company's network. Frequency: When needed Procedure: Determine your need for a joint venture. Define your business objective. Research potential partner. Determine if the partner represent a good fit. Prepare and sign a non-disclosure agreement. Decide the format of the joint venture. Draft the joint venture agreement. Determine the management of the joint venture. Define the role of the employees in the new entity. Definition/Explanation: Need: It appear when in your regular business operations, you reach a point when you realize that your business doesn't have the expertise, technology or operations in a specific area. One way to solve this is through a joint venture with another company that has expertise or operations in that missing area. Business objective: What will be the purpose of this new business? When you have an idea, you must determine the business objectives. They must be clear. Describe the purpose of the joint venture that you foresee and identify its goals. This will need to be a document that you can share with potential partners to generate interest. The need for the joint venture should be compelling and self-evident. Partner: You must identify some potential partners. They must be able to complementary to your activities. Maybe it's a competitor or a distributor. Networking in the business community is a useful way to find potential partners. Shop around, meet with other business leaders, and focus on entities that provide the services or already have the expertise that you need. Good fit: Examine the operating structures of the two companies to see if they are compatible