The essence of a joint venture partnership is symbiotic, Baker Tilly partner and DC office real estate industry lead Brad Nicklin says, with each partner seeking an expertise he or she doesn’t have, that precious additional value beyond straight partner percentages. The idea is to find a partner with whom you can work to build a rock-solid plan addressing both of your goals. And even if you have a certain amount of business knowledge about a person or company, the most important best practice in such situations is still due diligence, since it can help you weed out possible partners to find you a trusted and able one. For instance, smaller-percentage partners want to receive credit for any effort made to move the deal along, which ultimately will affect how cash is distributed, while institutional investors understand best practices well, demanding rigid reporting on a regular basis and will keep all parties accountable to the plan. Brad says, as far as tax considerations, additional time spent structuring at the beginning will ensure a tax-efficient result upon exit (and more cash for everyone). For more information on our Bisnow partner, click here.