WHAT CAN GO WRONG WITH JOINT VENTURES?
Partnering with another business can be complex. It takes time and effort to build the right relationship. Problems are likely to arise if:
the objectives of the venture are not 100 per cent clear and communicated to everyone involved;
there is an imbalance in levels of expertise, investment or assets brought into the venture by the different partners;
different cultures and management styles result in poor integration and co-operation;
the partners don’t provide sufficient leadership and support in the early stages.
Success in a joint venture depends on thorough research and analysis of aims and objectives. This should be followed up with effective communication of the business plan to everyone involved.