The Connecticut Chapter of the Exit Planning Exchange (XPX) has started this year’s case study, involving a business whose partners are planning ahead for an eventual exit (bravo for advance planning!) The case study involves a business started nearly 20 years ago by three partners who were best buddies in college. Although theirs is not a family business, they will face some of the same issues that family businesses do. Will any of their children wish to join the business? Will any be a good fit? Should they adopt appropriate policies in advance of a child expressing an interest? Or, will smart succession planning involve leaders who are not related to the founders? Is an outright sale the best option? Perhaps hardest of all, how do the emotions of long-term relationships play into the decisions about what is best for the company, its owners, and its employees? Can those emotions be positive or will they cloud careful decision-making?
XPX is an association that recognizes the value of collaboration by professional advertisers. I look forward to learning from others and sharing my perspective throughout the year.
