Ep #094: Exit Planning For Business Partners: Why Business Partners Need to Plan for Exit and How to Get Started

Business Exit Success

In this episode, we tackle the crucial topic of exit planning for business partners. With more than half of privately held companies having multiple owners, the process of transitioning out of a business can be complex and challenging. Join us as we dive into why it's essential for business partners to have a shared exit plan and how to navigate the journey successfully.

Key Discussion Points:

• Understanding Exit Goals: Why it's common for business partners to have differing exit goals and how to align them.
• Exit Options: Explore the seven different ways to transition and exit a business, including internal sales, ESOPs, and third-party sales.
• Communication Strategies: The importance of clear communication between partners to achieve alignment on business strategy and goals.
• Legal Considerations: The role of restrictive share agreements or shareholder agreements in smoothing the exit process.
• Expert Insights: How bringing in outside advisors can provide unbiased perspectives and help identify key areas for business improvement.
• Preparation and Planning: The significance of educating yourself about the exit planning process and utilizing available resources to ensure a successful transition.

Tune in to learn how to effectively plan your business exit, even when multiple owners are involved. Don’t miss out on this essential guide to securing your financial future and achieving your exit goals.

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Resources:

Business Exit Success Podcast: Podlink

Exit Planning Institute

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