Trust in Business Relations
DOI link for Trust in Business Relations
Trust in Business Relations book
When we read about Exxon Chemicals’ experiences in joint ventures, we were impressed. Reported in the spring 1997 issue of The Lamp, Exxon’s shareholder magazine, Jim Lowe, Exxon Chemical Company vice-president for finance, information, and planning, identified among the many factors influencing success in joint ventures these four critical factors:
Common objectives Comparable contributions Ability to recognize and benefit from cultural differences, whether company, national, or regional Strong support from partner management
What caught our attention was the succinct manner in which Lowe captured much of the opinion and research about working with partners. We contacted Lowe to learn more about his views. In our conversation, he spoke of an underlying theme to all determinants of SUCces-the trust among partners. If you do not trust someone, he said, you probably should not do a joint project. Trust, to Lowe, includes notions like “straight shooter, fair, and no sharp tactics.” This is the wisdom of an experienced player; many others are not so insightful.