Extracting Maximum Business Value from Joint Ventures

In allen Branchen versprechen sich Unternehmen von Joint Ventures nicht nur weniger Risiko und geringere Kosten, sondern auch mehr Innovationen und Erfolge, die keiner der Partner auf sich allein gestellt erreichen könnte. Gemeinschaftsunternehmen bieten tatsächlich ein enormes Wertschöpfungspotenzial, aber leider bringen viele – vor allem internationale Zusammenschlüsse – weniger Vorteile, als die Partner gehofft hatten.

Woran liegt das? An einer ganzen Reihe von Faktoren auf allen Prozessstufen – von schlecht abgestimmten strategischen Zielen über eine unklare Governance bis zum falschen Umgang mit Problemen im Talentmanagement und operativen Ineffizienzen.

OUR PROPRIETARY APPROACHES, DATA, AND TOOLS

• Our library of joint venture structuring and organizational case studies offers valuable insights into what it takes to effectively set up and manage joint ventures.
• Our Synergy Database houses synergy data from hundreds of BCG projects, providing customized benchmarks—based on analyses of variables such as company size, deal type, and attitude—for quickly estimating and validating potential synergies between joint venture partners.
• An Ongoing Monitoring System and Scorecard enables clients to spot and address early indicators of problems such as decision deadlock.
• Our Joint Venture Health Diagnostic lets clients rate themselves on eight factors critical to success—starting with how aligned the partners are on objectives, strategy, and operations, and ending with how well the partners can support success beyond the deal.
• Our iTSR service focuses on helping our clients align their business, financial, and investor strategies to deliver strong and sustainable value creation. It includes our proprietary Smart Multiple method for evaluating a joint venture portfolio and capital allocation.
• Our M&A, Transactions, and PMI Services, comprising more than 300 BCG experts, supporting business leaders of organizations that are pursuing mergers or takeovers, exiting noncore businesses, integrating acquisitions, seeking new joint ventures or alliances, or launching IPOs.

OUR DIVERSE INDUSTRY-SPECIFIC EXPERIENCE

From financial services, consumer goods, and telecommunications to industrial goods, health care, energy, technology, and more—our case teams understand the unique opportunities and challenges that joint ventures present in each industry. Drawing on their considerable industry expertise, they help clients seize the most valuable opportunities while surmounting the toughest challenges.

Our Joint Venture Consulting Work with Clients

• Alliance Strategy. Designed a partnership model for a steel maker and a mining company seeking to unlock significant value by joining forces. Provided a sanitized financial model that helped the two companies calculate the prospective partnership’s value.
• Partner Search and Negotiation. Helped a defense contractor deepen its understanding of the geopolitics shaping its market, prepare for negotiations with a local partner and government, and select a national strategic partner.
• Setup. Helped two automotive OEMs set up multiple joint ventures aimed at creating a new global mobility ecosystem and technology platform. Facilitated a $1 billion investment program to support the effort.
• Ongoing Management and Intervention. Assisted a leading alternative investments firm in assessing its portfolio of joint ventures and restructuring partnerships as needed. Facilitated dialogue between conflicting parties in one partnership by seconding a BCG expert in the venture.
• Exit Preparation and Support. Supported separation of a decades-long joint venture comprising two health care players by facilitating negotiations until the partners agreed on a plan for dissolving the alliance and reintegrating assets into the two companies.