Blogs

A Business Partner Can Be Your Exit Partner

• Oct 01, 2024

Accelerate your succession by finding a Business Partner who is also your Exit Partner.

 Most business owners know about the current common ways to exit a business however less know that Exit Partners can be a more compelling way to exit your business and grow your wealth.

 Maybe you still enjoy working in your business but want to work on the parts of the business you enjoy or are good at? Or do you simply want more free time? If you are committed to leaving a strong legacy behind, you don't want to leave it to the wrong people. A professionally facilitated business owner transition could be what you need. Achieve your goals by finding a talented person to work alongside you, help grow the business and buy you out gradually.

What does your typical Exit Partner look like ?

-Successful corporate career but tired of "working for the man"

-A Growth Mindset - Believes in their capability to apply the skills they have acquired to grow a business

-Generally 40 - 55 years old  (does not need to be of course, but they are our current statistics)

-Have built up some capital and prepared to apply it to a business

-Understands and relishes being  hands on without the corporate trimmings !

These people are out there however you need to know where to find them or already have them on your database.

Why is now a good time to find an Exit Partner ?

-Business confidence is continuing to increase and most people don't see a repeat of the last 4 years

-Interest rates are lowering and giving aspiring business owners more confidence on funding

-Exiting over time allows you to benefit from the upside if your business has growth potential 

-Waiting is a guessing game - who has a crystal ball ?

About the Author

Mike Warmington is a Director of Platform 1. The business finds people with capability and capital for mid-sized  business owners wanting to transition and sets up a structure and governance for this to succeed.

www.platform1.co.nz