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7 deadly sins of joint ventures

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Joint ventures can be tremendously successful. But certain sins during the planning phases can be deadly:

• Gluttony – Devouring the initial capital, leaving no resources for critical investments down the road.

• Wrath – Failure to reach a compromise due to both parties’ desire for control.

• Lust – Desiring another partner’s assets while undermining the inherent trust in the agreement.

• Pride – Valuing one company’s culture and methods over the other.

• Greed – Unrealistic expectations when it comes to profit distributions.

• Envy – Failure to set reasonable boundaries to mitigate competitive interests between companies.

• Sloth – Waiting around during the planning phase before devising an effective exit strategy.

Patricia E. Farrell, Meyer, Unkovic & Scott

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