Let's look at your partner(s). Usually when I ask a business owner if they know how their partner would like to spend the next 5, 10 or 15 years they look at me like I'm nuts. Then there is that moment of realization and the answer becomes 'not really'.
So here is what I suggest. Today, leave the office, and go out for lunch or dinner with your partner(s). Then ask how they want to spend the next 15 years. This is not about you, so do not offer up your plans. The first part of the conversation is only about your partner(s). Listen, listen and listen some more.
Once they're finished, then begin clarifying their ideas so you are clear. Now add your own plans into the conversation and have a real open conversation.
You did it when you first started working with each other. I'll bet it worked out better than you ever imagined. Yes of course you had/have challenges. But what a ride it is.
When the subject of the business comes up and it will, you'll have many questions. The first question will likely be what is the value of the company? Followed by - How sellable is it?
You can guess or you could take a 13 minute survey and get some real answers. Try answering the questions as one unit. If there are too many differences among the partners, each of you should do the survey separately.
We need real answers about the business.
We're here to help you exit this ride, take a breather and get on the next one.
If you're of boomer age and contemplating the future of your business, we need to talk.
Call me directly 416-270-2466.
Eric Gilboord and
The WarrenBDC Team