Designing cross-organizational e-business applications faces the problem that the collaborating businesses must align their commercial interests without any central decision making authority. The design process must therefore yield a clear view of the commercial value of the collaboration for each economic actor, as well as a clear specification of the activities to be performed by each actor and a specification of information systems to be used by each actor. In this paper we present guidelines for designing the value network of the collaboration, which shows the commercial value of the collaboration for each participating actor. We then present guidelines for transforming the value network into process models, which show the feasibility of implementing the value network in the business processes of the actors. Our approach has been developed in different consultancy projects. We illustrate our approach with a consultancy project performed at a company that we will call the Amsterdam Times.