"One common way to sell internally is to an existing partner. There are advantages to this method since your partner possesses the needed knowledge of the business and the current employees are familiar with the person and his or her management style. It can also provide for a continuation of your legacy and a smoother transition than other options. However, there are still things you need to consider about this transfer option.
What is your partner’s time line?
Many times, each partner assumes the other will be the transition solution, but neither has ever had this all-important conversation about transfer of ownership. The truth is your partner may be planning his or her own transition away from the business, especially if you both are similar in age. Even in cases where there is a difference in age, your partner may not wish to stay with the business once you leave."
Read more at:
How to Buy Out Your Business Partner - Business 2 Community:
For additional information regarding Florida business sales, acquisitions and valuations, please contact Eric J. Gall at info@buysellflbiz.com or 239.738.6227. Also, visit our Florida Business Exchange website at www.fbxbrokers.com and my personal website at www.buysellflbiz.com.
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