Unlocking Joint Ventures: The Process
The journey of creating the most comprehensive guide to creating a joint venture was not linear. Firstly, there was creating a methodology from trial-and-error. Then there was creating the academic research that underpins the advice. The realisation that a co-author was essential to add the legal insights that are so crucial to any joint venture transaction. Finally, we needed to find the publisher... in the video series below, we discuss the book and some of its contents - chapter by chapter.
The Book's Story
Book Arrival Excitement
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The arrival of the first physical copy of the book - and its unwrapping.
Book Introduction Videos (Short and Long)
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With the support of Tim Klatte, a partner at Grant Thornton in Shanghai, Mark and I sat down on the Duke Kunshan campus to discuss the book's content, share some case studies and discuss a few of the tools/frameworks from the Book. In the first episode, Book Introduction, we discuss the book's origins (in a short and long version).​
Short Version
Long Version
Chapter 1 Discussion
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Chapter 1 - Following our book introduction, Mark Schaub and I with Dr. Tim Klatte's interview support, begin the chapter-by-chapter delve into the book.
In this opening discussion, we delve into the difference between a joint venture and an acquisition. By unintended consequence, there is some unusual humour with a carrot (which brings to mind the famous 'Carrot in a Box' routine - https://lnkd.in/eD7NQaa7... which is much better than Mark Schaub's shock at being confronted with a carrot).
We also cover why companies form JVs, survival rates and trust. It is 12 minutes (if you are excited about JVs, it is well worth it!) - and we hope you enjoy it.
Chapter 2 Discussion
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In Chapter 2, we begin to probe the process of forming a joint venture, with a specific emphasis on the 'Washing Machine' process that we observe.
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Chapter 3 Discussion
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In Chapter 3, we get into the negotiation process of forming a joint venture (including some tricks to avoid getting stuck in negotiations, the importance of the business plan, financial models, transparency, etc.)
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Chapter 4 Discussion
In Chapter 4 we get into the knotty topic of securing internal alignment (which is usually more difficult than with your proposed partner!). In particular, we discuss the Eight Principles Framework which is a tool I use on all joint venture formations - for that reason alone, this video is worth watching.
We also explore differing views on Exclusivity - a topic where there are multiple perspectives to consider and close out on compliance.
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Chapter 5 Discussion
​What does Succeed Quicker mean, how to get alignment with your partner? We discuss the benefits of understanding your partners issues, explain the 2-JV structure using the Operating Company and Property Company approach, get into the importance of sunk costs, and hear some nice words about consultants from Mark before closing on the importance of good discipline in negotiations.​
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Chapter 6 Discussion
​In Chapter 6 we discuss the importance of limiting the number of possible joint venture partners (along with a small town marriage analogy!). Supplementing the partner selection advice, we also divert into IP protection techniques.​
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Chapter 7 Discussion
In Chapter 7, we examine ‘knowing yourself’ and whether you are likely to be successful as a joint venture partner. This is a chapter where reflecting on yourself is brought to the forefront.
We probe such light questions such as: Do you know how to collaborate with a partner or are you better off avoiding joint ventures? Is the other side (i.e. your partner) always the problem? How could you understand your partner better?
Finally, we conclude on operational constraints – and especially, headquarter buy-in – along with how to transfer/create a JV culture.
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