"It is important to bear in mind that setting up a JV is different from M&A activities, while managing a JV is different from managing a subsidiary," the authors underline. "The creation of a JV should be a thoroughly structured process with a project team, project plan or a roadmap. This also includes the timely involvement of dedicated working groups and functional experts ... Many tend to forget to plan for critical stages in the JV lifecycle, such as a closure or partner exit. Last but not least is to elaborate an action plan for the JV parties in case something goes wrong. Understanding these things is of vital importance, as it will help resolve any issues in the future."