Business Co-Owner? How to Achieve a Successful Exit Strategy
Chances are, if you own a business in the U.S. today, you have at least one co-owner – nearly 70% of privately-owned businesses have two or more owners. But have you thought about your exit strategy?
Co-ownership can be both effective and lucrative, but if business owners aren’t aligned in terms of their goals for a successful exit, things might get messy. This can happen for a variety of reasons, explains Navix, a group of exit-planning experts. One scenario is when a co-owner wants “to sell the business to an outside buyer, whereas another co-owner wants to pass the business down to family,” but this is just one of many possible conflicts.
The solution to incompatibility over an exit strategy isn’t one size fits all – and it doesn’t happen overnight. “Goal compatibility can only be achieved with a conscious and ongoing effort to create co-owner alignment,” Navix advises. Sustaining an exit planning conversation early and often between co-owners is key to a successful exit for everyone, as we’ve seen with our own clients through our work with Navix consultant Sherri Neasham.
If you haven’t done so already, start talking with your co-owner about your vision for an exit strategy today.
Need help with the long-term vision for your company? Schedule a free strategy session with our experts to get the direction you need – now.
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