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session No. 6
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how to close the Joint Venture Deal
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and start making money
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so closing the deal
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now that you've prepared your irresistible proposal
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offer you are now ready to close the deal
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so ideally you want to do this live
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in other words
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face to face
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or on zoom or any other video conferencing facility
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like Web X or anything else
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what I suggest is
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do not attempt to do the deal over email it's very
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it's not that great
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can't read their body language
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you don't know what they're thinking
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it's very backwards and forwards
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so meet in a live situation
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or discuss it on video conference
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here are the key steps in order to make that happen
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1 setting it all up
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2 if you need an NDA
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non disclosure agreement
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what you need to do with that
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3 negotiating
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negotiations are a big part of doing joint ventures
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and also do not think short term
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think long term
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and I'll explain why in a moment
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have a clear action plan as to which one
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which way you're gonna execute this
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and make this happen
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and also the contract
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the agreement that you're going to ask them to sign
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in order to move forward
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with this particular joint venture
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so everyone knows who
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what they're responsible for
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and how things are gonna proceed
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let's talk about setting everything up
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as I said always do this face to face
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or on video conference
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example zoom or Webex
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but keep everything as simple
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and as clearly laid out as possible
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the clearer it is
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the better it is
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cause you're meeting up with them in order to
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sign an agreement
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at this stage
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we do not want to confuse them
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all the proposals have happened already
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they understand what's going to happen
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and so now we just got to repeat
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go through everything
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get them to sign
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and agree to move forward
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your goal is to create the best
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win win situation possible
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so they feel that they have won
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you have won
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their clients have won
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so there's no resentment later on
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in terms of
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they got the better deal than I did
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because it diss ours things
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and next time
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they don't want to do anything with you again
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don't complicate things
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just for the sake of making it complicated
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and seeing how clever you are
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but keep it simple
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so they know they're
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and so they're not confused
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and know how you're going to move forward together
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as I said earlier on
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in one of the sessions
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I talked about non disclosure agreement
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if you need one
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then make sure that
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if you wanna put
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you may want one to
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you may want to get them to sign an NDA
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depending on what product
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program workshop
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whatever it is you you are gonna do together
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now this gives you some legal Protection
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especially in regards to your specific strategies
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maybe your specific cells processes
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possibly your intellectual property or your trademark
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or the way you do things
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or it could be an NDA around your services
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and how you provide it and what you provide
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and it's useful
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if especially if you have a new joint venture partner
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with whom you have no pre existing relationship
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then this may be useful
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No.3 negotiation
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negotiating with your joint venture partner
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this happens when
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you know exactly how much you can offer
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so how much can you offer them
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before you begin negotiations
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so be very clear on that
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and know what the number is
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what the percentage is
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what the dollar amount
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pound amount is
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that you're willing to offer them
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now it's common practice to offer less upfront
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then what you'd actually would be willing to part with
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so you offer less upfront
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maybe they'll make more in other deals in the back end
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when you sell other programs
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so bear that in mind
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your potential joint venture partner may
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counter your initial offer with a request for more
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now don't be offended by that
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this is business
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but at the end of the day
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this is business
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you're negotiating
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you wanna do something together
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so negotiate with them to a happy medium
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and one smart way to do that is
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don't ignore what they just said
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don't rubbish what they've said
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you could use statements like
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yeah I understand
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and I understand
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you want a better offer than that okay
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let me ask you
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what if we did it this way
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would that work for you
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okay let listen to what they have to say
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so negotiate backwards and forwards
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until both parties are happy
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so whatever they say
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acknowledge what they said
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I understand
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or thank you
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I respect your viewpoint
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and then ask them a question
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so that the essence of asking the question
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actually gets them to open up
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and tell you what they are thinking
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now make the deal fair and equitable
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in other words
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in the back of your mind
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from the beginning to the end
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it's always a win win
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always go for a win win
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always go for a win win
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make it irresistible as well
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now you may have to be very generous
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with the profits you're going to make up front
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in other words
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you may have to give them more
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knowing that you're going to make more later on
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when clients buying further stuff from you later
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remember that joint ventures produce either money
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more customers
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lifelong profits
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and especially at zero risk and zero cost at times
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so there is no need to be greedy
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and I want you to note that the real profits
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are often at the backend sales so
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you sell this thing now with your joint venture partner
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but the client comes back to you after they bought this
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and then they buy some other things from you later on
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and again they buy something from you
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so think long term profits
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not just short term
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what can I gain now
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and as the saying goes
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you can either make 50% of something or 100% of nothing
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so be fair be equitable
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don't be greedy share
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No.4 it's important to think long term
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versus short term
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thinking long term actually produces you more profits
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don't think of this as a one off project
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go for the long term profits
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in other words
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do things in a way where clients are happy
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your joint venture partner is immensely happy
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that in a few months time
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in a year's time
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they'll be wanting to do this with you all over again
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now instead of solely
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going for the one off type of deals
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develop a long term strategy
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that will make both you and your JV partner more money
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for years and years and years to come
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integrate all your Jvs as part of your marketing plan
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so when you are doing your marketing
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you're going to start thinking okay
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where are we going to attract clients from
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where are we going to attract leads from
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and remember
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your Jvs become an integral part of that so
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make sure you have that in there as part of your plan
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now be creative
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if you do it the right way
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you can create a situation where you both
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make a lot of money up front
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make a lot of profits up front
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and also ongoing residual profit as well
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ongoing so you just got to be smart on how you do this
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action plan is No. 5
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now have a specific action plan
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as to how you are going to deliver this
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and put this out there
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see nobody really cares about theories and ideas
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or the word potential
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they don't really care
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your JV partner doesn't care
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the reality is
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the proof is in a pudding
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when you make it happen
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that's the real thing
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so your joint venture partner wants to see real numbers
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tested and proven strategies
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and they want to know exactly
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how this can be actionable
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should a partnership occur
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should you choose to work together
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what is it going to look like
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what's gonna happen
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who's going to do what
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how much money you're going to make
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so you should have a strategy and a planning place
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before you discuss the deal
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the details of the deal
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so make sure that's clear in your mind
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now it's is obvious
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but set a kick off date
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okay what date are we going to commit
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what date are we gonna kick this off
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and by setting a date
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this shows that you're serious
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and it shows that you're committed
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serious seriousness and commitment
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shows your professionalism
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so make sure you have these in place
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and above will be confident in your approach
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you know you know
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your products and service better than anyone else
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you know this approach
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this thing you're doing with joint ventures
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you know it better than they do
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so be clear in all your communication
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because that energy will engage them too
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and they will follow your lead
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so that you both both win
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and this important thing we have discussed
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is the joint venture contract agreement here it is
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the joint venture contract agreement is there
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to protect both parties
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now some people do join ventures with no agreement
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no formal written agreement
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and then that's okay
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but I always like to do it with a formal agreement why
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because what happens is when money starts flowing in
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some people suddenly have memory loss
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or selective hearing
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like they didn't hear what was discussed
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or they didn't
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they can't remember what was discussed
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so if you have it formalized
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an agreement
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which we will give you a template for
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it makes it easier
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and you can always refer to it
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so there is no guessing
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so only start drafting the agreement
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once the deal has been agreed in principle
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you can send an email
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summarizing the agreement in principle
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after you've had it
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maybe an initial meeting
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and whilst you're working on formalizing a formal
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joint venture agreement
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so that email you sent
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you can use account content of it to actually
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draft out the agreement
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so that it makes it more formal
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make sure your joint venture agreement clearly
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covers the following issues
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how and when will payment or compensation take place
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what does that look like
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who is responsible
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for what now
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be very specific
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details here matter a lot
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so what are they responsible for
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what are you responsible for
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so in a case of a joint webinar
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they're responsible for finding the
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putting their clients on a webinar
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to show up at a specific time
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and you are responsible for turning up
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giving them a great deal of value
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and then selling something
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and then delivering on the thing that you sold
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so their clients are fulfilled
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now that could be a webinar scenario
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then the other scenario could be
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an email campaign scenario
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where they're responsible for
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sending out a series of emails that you have created
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pointing them to
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and giving them a lot of value
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and then pointing them to the fact they can buy this
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from you if they choose to
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and you are gonna fulfill and deliver
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so who's responsible for what
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be very clear
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very specific also
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get very clear on how you're going to handle refunds
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chargebacks
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and losses so
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for example
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someone buys something
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and then they want a refund
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now where does that refund
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uh come from
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does it come from you
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does it come from your joint venture partner
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or does it come uh
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is it is an equal um
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refund that you have to do
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so in this case
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you may want to put a 14 day
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money back guarantee in place maybe
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or you have a cooling off period
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and that cooling off period could be seven days
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could be 14 days
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it depends on how you sold it
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and the legal restrictions
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in your particular country as well
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so make sure that's in the agreement
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how refunds and charge banks and losses will occur
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and so everyone knows what happens
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also discuss in there in the agreement
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put in there what will happen when the partnership ends
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so when the partnership would no longer exist
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what's going to happen
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what happens to that
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maybe the email list that you've jointly created
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or any other thing that has allowed you to be in
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tied up together
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and so how are you going to deliver to clients
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or how are you going to really sever that relationship
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that partnership
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so that you can both move forward
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you may also want to discuss who keeps what
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in terms of client contact details
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email lists
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email addresses
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phone numbers
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who keeps what so that there is no misunderstanding
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as you know
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we provide you with a sample joint venture agreement
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as part of this program
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so that you don't have to guess
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about how to create it now this
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the joint venture agreement that we are providing you
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is an English
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English law
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and so what you can do
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is you can adapt it to suit your own country
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your own legal system
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and if you're not sure how to do that
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you can approach a lawyer
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and a lawyer will can
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for maybe one or one hundred
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two hundred dollars or whatever
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update it to suit your country specific law as well
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but we've done the bulk for you
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so it won't cost you thousands and thousands
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and thousands of dollars or pounds to get it rectified
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you know if you do need to speak to a lawyer
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it's a quick tweak
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it's a quick change
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so you can move forward
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and also please note
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any and all materials provided to you in this course
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is supplied as an example only
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and does not constitute legal advice
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okay so make sure you get legal advice where needed
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and so that you can follow
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and stay within the legal framework
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you should also consult your own lawyer
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to create any legal documents for use in your business
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including joint ventures as well
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especially when it comes to country specific
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legislation
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so here's an example of the joint venture agreement
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it's much longer than this
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but there is a cut out on it
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and we have provided it for you
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so you can download it from this program
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so in this portal
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click and download it
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and start to make the changes on it
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and as I said
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the laws are based in the England and Wales
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but you can change it to adapt
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to your particular country
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and the home actions are very clear
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now that you have been through the whole program
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now create your joint venture agreement
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and once you've done your joint venture agreement
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have that as a template
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for other joint venture agreements
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that you're going to do in future
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as a resource
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we've provided you with a sample
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which you can download as I said
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and tell us your wins
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tell us your successes
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share it in the Telegram group
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ongoing let us know
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keep that going
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and in the Telegram group
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you'll be able to also
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possibly do some joint ventures with other people
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based on what you are saying
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how you're saying it
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your elevator pitch
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what you are doing
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because you never know
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who you could do a joint venture with
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within the Telegram group
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if you are stuck on anything
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and you want us to maybe
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look at your joint venture agreement
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00:16:31,933 --> 00:16:33,133
once you've created it
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email us at Support
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Mindspace Coaching
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and let us know what the issue is
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the challenge is
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and myself and my coaches will be more than happy
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to support you and get you on your merry way
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so thank you for watching this program
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thank you for doing this program
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and above all
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we are here to support you
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let us know how you get on
29821
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