What is Joint Venture Broker?Joint venture broker or often called deal maker is an expert at incorporating bona fide partners, whether setting them up in a professional meeting or helping the deal executions.
They are being paid with certain profits percentage by considering how they render the service during agreement process. Generally, the broker is the one who has to find out about any buried power or aptitude within client’s requirements that might be suitable or profitable if supplied with proper resources. After finding two possible partner candidates, they have to create a win-win solution between all three of them to make it a deal.
Joint Venture Broker DefinitionTheoretically, joint venture broker can be defined as a competent and experienced person or party who can analyze what is needed and what to offer from two or more companies that would bring profit for them equally. This person mostly will engage one or two certain types of industry at most. In order to be successful at what they do, a broker needs to possess very wide range knowledge of the industry which will lead to diverse networking contacts. After that, the skill will determine chances of successful agreements that can be done.
What does Joint Venture Broker do? Example
1. Identify hidden key factor or unrevealed key assets within clientsAs aforementioned, joint venture broker needs to look for any unrecognized or unrealized assets within the client, whether it is a personal business or a company. This will be the first key of strength that a good broker has to acquire.
2. Initiate new potential marketing opportunitiesOnce the key factor has been identified, they have to create new marketing ideas that would interest customers. These ideas come from creativity and have to be based on current market condition observation. They have to deliver actual facts that are worthy enough to make good data support.
3. Optimize profitable customersMany times, the brokers are being faced by regular customers that are potentially available, but not motivated or interested enough in developing the cooperation relationship. Innovative and beneficial marketing ideas are important to optimize their role-play in the industry.
4. Built new mutual business relationshipThe brokers' work will be around customers and clients. Therefore, ideal brokers need to have good communication and negotiation skills. Their words are not necessarily having to sound appealing and suggestive, but just enough to make the parties involved believe one another.
Also read "What is Intellectual Property Broker? Definition and Example".