For instance, we have New South project managers on SunTrust Park who have reported to someone from a different company for the past two years. All the partners need to have the same objectives. There also needs to be a balance of levels of expertise and assets brought to the venture by different partners—everyone needs to bring something to the table.

The partners also need to be fully committed and provide solid leadership and support throughout the joint venture's life span. Again, the teaming agreement put in place is crucial to the joint venture's success.

Finally, a high level of trust is vital. There is so much trust required in joint ventures because you're showing your competitors how you do business. Today's partner could be tomorrow's competition. They know how you estimate, your strategy for pursuit, and how you determine how much to charge for projects.

GlobeSt.com: What's the best way to determine the lead partner in a joint venture?

Ragan: Typically, it's different for each joint venture depending on what makes the most sense to everyone involved. For SunTrust Park, we determined Brasfield and Gorrie would be lead partner because they have the largest local presence in metro Atlanta. Most of the time the lead partner is obvious.

GlobeSt.com: Are egos ever involved and how do you manage those?

Ragan: Sometimes you'll have a situation where you have to address a problem stemming from egos. It's so important to determine how to handle these issues upfront. This way, when conflict arises everyone is on the same page and knows how to resolve it.

We have found the most successful joint ventures have company leaders who are on board and involved in the project. Those joint ventures tend to have less ego issues than others. We also organize teaming events early on, such as ziplining which creates a fun and trusting environment that fosters collaborative, lasting relationships.

ATLANTA—Joint ventures are a strategic idea in commercial real estate—when they work. But is there a one-size-fits all approach? What makes a joint venture work?

GlobeSt.com caught up with Rob Ragan, vice president of business development for New South Construction, to get his thoughts on these and other joint venture topics in part two of this exclusive interview series. You can still read part one: Navigating Joint Venture Construction Challenges.

GlobeSt.com: Is there a one-size-fits-all approach to running successful joint ventures?

Ragan: Over many years and successful joint venture, we've found there is a model approach. The most important aspect is making sure the objectives and guidelines decided upon at the beginning of the joint venture are clearly communicated and everyone involved understands them.

For instance, we have New South project managers on SunTrust Park who have reported to someone from a different company for the past two years. All the partners need to have the same objectives. There also needs to be a balance of levels of expertise and assets brought to the venture by different partners—everyone needs to bring something to the table.

The partners also need to be fully committed and provide solid leadership and support throughout the joint venture's life span. Again, the teaming agreement put in place is crucial to the joint venture's success.

Finally, a high level of trust is vital. There is so much trust required in joint ventures because you're showing your competitors how you do business. Today's partner could be tomorrow's competition. They know how you estimate, your strategy for pursuit, and how you determine how much to charge for projects.

GlobeSt.com: What's the best way to determine the lead partner in a joint venture?

Ragan: Typically, it's different for each joint venture depending on what makes the most sense to everyone involved. For SunTrust Park, we determined Brasfield and Gorrie would be lead partner because they have the largest local presence in metro Atlanta. Most of the time the lead partner is obvious.

GlobeSt.com: Are egos ever involved and how do you manage those?

Ragan: Sometimes you'll have a situation where you have to address a problem stemming from egos. It's so important to determine how to handle these issues upfront. This way, when conflict arises everyone is on the same page and knows how to resolve it.

We have found the most successful joint ventures have company leaders who are on board and involved in the project. Those joint ventures tend to have less ego issues than others. We also organize teaming events early on, such as ziplining which creates a fun and trusting environment that fosters collaborative, lasting relationships.