How do you leverage the lessons learned from your joint venture exit for future partnerships?

3 Gather feedback from stakeholders

The third step is to gather feedback from the stakeholders involved in the joint venture, such as your employees, customers, suppliers, investors, or regulators. How did they perceive the partnership and its impact on your business? What were their expectations and satisfaction levels? How did they cope with the changes and transitions caused by the exit? What suggestions or recommendations do they have for your future partnerships? By listening to the stakeholders' feedback, you can gain valuable insights and perspectives on your joint venture experience.

4 Update your strategy and capabilities

The fourth step is to update your strategy and capabilities based on the lessons learned from your joint venture exit. How did the partnership affect your competitive position and market share? What new skills, knowledge, or resources did you acquire or lose? What gaps or opportunities did you identify in your business model or value proposition? How can you adapt your strategy and capabilities to meet the changing needs and demands of your customers and markets? By updating your strategy and capabilities, you can enhance your readiness and resilience for your future partnerships.

5 Share the learnings and best practices

The fifth step is to share the learnings and best practices from your joint venture exit with your organization and network. How can you disseminate the knowledge and experience gained from the partnership across your business units and functions? How can you foster a culture of learning and innovation in your organization? How can you leverage your network and relationships to find new or better partners for your future joint ventures? How can you showcase your success stories and testimonials to attract and engage potential partners? By sharing the learnings and best practices, you can build your reputation and credibility as a joint venture partner.

6 Plan for your next partnership

The final step is to plan for your next partnership, using the lessons learned from your joint venture exit as a guide. What are your goals and objectives for your future joint ventures? What are the criteria and parameters for selecting and evaluating potential partners? What are the key success factors and challenges for establishing and managing a successful partnership? What are the exit strategies and contingency plans for ending a partnership? By planning for your next partnership, you can increase your chances of finding and forming a mutually beneficial and sustainable joint venture.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?