Over the past two months, we have been discussing questions to consider when entering into a joint venture or merger (see Part 1 and Part 2). Once you and your potential partner have aligned on your business philosophy and products or services, it’s time to start thinking of your employees.

Last month we discussed questions to consider regarding character and philosophy before entering into a joint venture or merger. After you have a foundational understanding of what is important to your future business partner philosophically, it’s time to begin asking how your products and services will integrate.

There are many important considerations when entering into a joint venture. Some of the first things that should be considered are the character and philosophy of the businesses joining together. Before determining the logistics of the business combinations, it is important to make sure philosophies and motivations for running the business align. Failure to be on the same page regarding these topics can either make or break your venture’s success.

As we head into 2016, it is no secret that startup culture is spreading beyond the coasts. Cities throughout the Midwest are claiming qualities that new companies are finding increasingly alluring. Thinking about startup hubs in the Midwest, a few cities come to mind: Chicago, Cincinnati, Kansas City, even Detroit. One city that might not be on many people’s radar is Lafayette, IN – and it should be.

Earlier this week, I met with the Greater Lafayette Regional Plan Steering Committee to lead a discussion on the entrepreneurial ecosystem in the Greater Lafayette area as part of a series of topic meetings aiding in the strategic plan development process. Our conversation can be broken up into four parts: 1) Why is a strong entrepreneurial ecosystem important? 2) What creates a strong ecosystem? 3) What is the current status of the ecosystem? 4) What strategies should be implemented moving forward?