So, a trending news story is the dispute between MrBeast and the ghost kitchen he used for MrBeast Burger. For those not in the know, MrBeast partnered with a company called "Virtual Dining Concepts" to operate pop-up burger restaurants under the MrBeast brand. Well, it turns out the food was downright horrible. MrBeast tried to get out of the contract and is now being sued by the ghost kitchen to the tune of $100 million.
So, what does this have to do with you?
At some point, you may want to explore a strategic alliance or joint venture with another company. Joint ventures are a great way to expand your business and explore new markets. But they also carry risks. Companies need to vet their potential JV partners carefully. Usually, this involves things like:
I am not saying MrBeast screwed up. For all I know, he may have done everything right and just got a raw deal (get it?).
But vetting potential JV partners goes a long way in preventing disaster.
So, what does this have to do with you?
At some point, you may want to explore a strategic alliance or joint venture with another company. Joint ventures are a great way to expand your business and explore new markets. But they also carry risks. Companies need to vet their potential JV partners carefully. Usually, this involves things like:
- Making sure strategic goals are aligned
- Ensuring the JV partner has the capability of performing their role
- Looking for financial or legal red flags
I am not saying MrBeast screwed up. For all I know, he may have done everything right and just got a raw deal (get it?).
But vetting potential JV partners goes a long way in preventing disaster.
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