One way to measure the success and performance of any joint venture is to have a clearly communicated understanding of exactly what each person is expected to do and a clearly defined date that it is to be achieved. Know exactly what a win looks like for your joint venture partner. Having a weekly Zoom meeting will help each party keep on track and to identify any and all challenges they might be having.

One key factor when negotiations begin is to find out what a win looks like for your joint venture partner. Don't just assume that you know what that is. For instance, you may think that your joint venture partner wants to simply sell more of their products or services. They may want access to your relationships you've built with banks, suppliers, vendors, warehousing, employees etc. You must take a really deep dive into what really motivates your potential joint venture partner and letting them know that you not only understand them but, will help them achieve their goals on a consistent basis. ,

One way to keep everyone on track is to schedule a weekly or even a bi-weekly Zoom meeting. At these meetings everyone involved in the joint venture can clearly express their challenges and concerns. These meetings can also serve to reward any milestones that were achieved. Members can also agree to revise or even change projected outcomes.

Successful join ventures leaves all parties better off. With very large projects in infrastructure and non-recourse project finance this is amplified to the maxim that the deal must be the best possible deal for all parties. There is no set template. However the general principle is that each party's interest is aligned to the project. Therefore when properly structured, the benefit to each party benefits the project, which benefits all other parties. A positive vicious cycle is established. In contrast any party feeling short changed or less than fully committed in the believe that there is another better deal leads to a declining spiral that affects the project and all other parties.

Value should be recognized and accounted for from the very start of a joint venture. One joint venture partner may have established banking relationships with several lines of credit available. Another joint venture partner may have an accountant on staff to help with the various expenses reports. It is also very important to know in advance what each member of the joint venture sees as a win for themselves. Each member of the joint venture should always do whatever they can to help each other achieve that win.

Having all joint venture partners clearly define exactly what a "win" looks like for them. They must be as specific as possible when communicating this. Don't just assume that everyone wants the exact same thing as you might want. Is every joint venture partner willing to do what they specified in the agreement? What happens when stated deadlines are met or not met? What are the consequences for a joint venture partner when they fail to meet their obligations? Having a weekly Zoom meeting can solve many of the challenges that arise between all parties. Having a clearly stated agreement from the very beginning between all parties is vital to the success of the joint venture.

Several years ago I was involved in a joint venture with a very prominent graphics firm. Their annual revenue exceeded ten million dollars. The graphics firm had over eleven thousand paying clients. My contribution to the joint venture was to provide a high quality content newsletter each month that would be mailed out. I was to be paid two thousand dollars per month and had access to eleven thousand clients. The graphics firm was going through a very messy lawsuit just as our joint venture was taking off. Everything was put on hold right away. Just like that the joint venture fell apart. You never know when things can take an unexpected turn. This valuable life lesson taught me to never give up on your joint venture career.