Invest In Africa and AB & David have organised a training workshop for SMEs aimed at equipping them with requisite knowledge in joint venture agreements and corporate governance.
The need for the training, according to organisers of the workshop, was borne out of the fact that many SMEs do not have the capacity to solicit the advice of legal entities when entering into joint venture and partnership agreements, hence, are cheated or shortchanged.
The SMEs were further taken through the differences between partnership and joint venture agreements; a checklist of what to look out for before selecting a suitable partner, and the legal processes businesses must go through to complete such agreements.
On corporate governance, the SMEs were educated on the role of the board, internal control and risk management, stakeholder management and the rights and responsibilities of all employees of a corporation.
Some of the beneficiaries shared how they benefited from the programme, describing it an as eye opener.
“Todays lesson on joint venture opened my eyes to the fact that certain details must be given maximum attention as we look to grow our businesses from local to international,” a participant said.
“The programme was very educative and informative. It opened my eyes to a lot of things that hitherto I would have brushed over. I learned that we need to keep our documentation up to date, do due diligence on whoever the potential partner is, and to seek legal advice and not just enter into the agreements,” another participant said.