Relationships, trust, transparency, flexibility and compromise; you wouldn’t be mistaken for thinking Joint Ventures sound like marriage but they aren’t far off!
In order for a partnership to be successful, it is key for each organisation to become aligned and work towards a shared end goal. If you don’t see eye to eye or understand what it is that makes your partner tick, it’s probably not going to work. Understanding exactly what your partner needs for the project to proceed and creating a solution to suit is key.
Each member brings something unique to the partnership with the view to equally sharing risk and reward, profit and cost. Organisations can then replicate and refine experiences from previous JVs and spread risk throughout different locations or partners.
The beauty of working with an organisation such as Higgins is flexibility. Being a family-owned and operated business, we are prepared to re-evaluate the standard way of thinking for the greater good of the partnership. Strategic decisions to react to market conditions are made at board level within a matter of days without extensive red tape protracting approvals.
Having both a contracting and development arm within the business gives partners comfort that we are not ‘just a contractor’ looking to reduce costs but can make informed decisions about what is selling and how best to drive value.
Higgins has a track record of success through JVs with local authority or private investors alike. Partnerships form a large proportion of our work going forward with the business currently focused on three partnerships at varying levels of progression.
Declan will be talking more about what makes the perfect JV in the Keynote Theatre at HOMES UK at 11.45 on Wednesday 27 November.