One day I was talking to a businessman in China who had had a bad experience with a joint venture partner. As he was describing the situation to me, he summed it up by saying, “Same bed, different dream.” That says it all. Most joint ventures fail because the partners have different dreams. Are you considering an alliance or a joint venture? While you are conducting your due diligence, make sure you and your potential partner have the same dream. How can you make this determination? By asking pertinent questions (i.e. What are your long term goals with this joint venture? And then ask deeper follow-up questions).