It’s Lonely at the Top:Exit Strategy Alternatives for Sole Owners and Partners

8/9/2019 Its Lonely at the Top:Exit Strategy Alternatives for Sole Owners and Partners

1/29

dchcbnhb |mo fupnhopp ke lopnbh %`khp|vu`|nkh

Fkp|kh

063 @kddkhrocg|m Vkcl

Pun|o 313

Rc~gchl' DC 1322=

3$?1=$5?3$3??>

Rcpmnhb|kh' L@

3113 3>|m P|voo|' Hkv|m

Pun|o 3611

Cvgnhb|kh' UC 6111>

3$616$>5?$00>1

@mn`cbk

NFD Qgcyc

001 H( Rcfcpm' Pun|o 0613

@mn`cbk' NG 51533

3$036$56=$?=21

N|p Gkhog~ c| |mo \kq

O}n| P|vc|ob~ Cg|ovhc|nop ekv PkgoKrhovp chl Qcv|hovp

Qvopoh|ol f~9 P|oo Bnlk' @EC chl Dn`mcog KFvnoh' CPC

YronbRmn|o Enhch`ncg Clnpkv~

Povn`op


2/29

ro b o hch` c pkv~PovnòpYronbRmn|op Enhch`ncg Clunpkv~ Povunòp Bvkq qvkunlop c lnuovpo vchbo ke`kvqkvc|o enhchò' ucgc|nkh' krhovpmnq |vchpn|nkh qgchhnhb' nhòh|nuo`kdqohpc|nkh' chl dovbov % c`snpn|nkh povunòp ekv ohbnhoovnhb'cv`mn|o`|vo' chl ohunvkhdoh|cg `khpg|nhb envdp' evkd hn`mo kvbchnyc|nkhp |kOHV ?11 chl qfgn`g~$|vclol envdp(

Ucguc|nkh % Krhovpmnq Qgchhnhb Povnòp

$ Fpnhopp ucgc|nkhp chl cqqvcnpcgp ekv nh|ovhcg |vchpeov qvqkpop' D%C |vchpc`|nkhp'OPKQp' p|k`j nhòh|nuo qvkbvcdp' ekvdgc lopnbh' f~+pogg cbvoodoh|p' gn|nbc|nkh pqqkv|'

op|c|o qgchhnhb' o|`($ @kdqvomohpnuo nh|ovhcg krhovpmnq chl o}n| p|vc|ob~ qgchhnhb' cg|ovhc|nuop chl chcg~pnp

$ Ecnvhopp chl pkguoh`~ kqnhnkhp

$ OPKQ `khpg|nhb chl cppoppdoh|

$ Nhòh|nuo `kdqohpc|nkh ndqgodoh|c|nkh' cppoppdoh|' chl foh`mdcvjnhb

Dovbov % C`sunpn|nkh Clnpkv~ Povnòp$ Envd c`snpn|nkh pocv`mop' k|pkvòl kvqkvc|o louogkqdoh|' chl f~pnlo voqvopoh|c|nkh

$ Envd dovbov+pcgo povunòp chl poggpnlo voqvopoh|c|nkh

$ Cppo| lnuop|n|vop chl pqnh$keep

$ Hobk|nc|nkh' locg p|v`|vo' chl lo lngnbohò cppnp|chò

$ P|vc|obn` nh|obvc|nkh qgchhnhb' pqqkv|' chl `khpg|nhb

$ Dcvjo| chl nhlp|v~ vopocv`m

Unpn| up c| rrr(yronbrmn|o(`kd


3/29

Gocvhnhb Kfio`|nop

\mo krhovpmnq |vchpn|nkh `mcggohbop chl gchlp`cqo ec`nhbCO@ chl ohunvkhdoh|cg `khpg|nhb krhovp chl qcv|hovp|klc~ |mc| cvo poojnhb |k vo|nvo

Lnp`ppnkh ke ucvnkp nh|ovhcg |vchpn|nkh cg|ovhc|nuop -lnvo`|f~$pogg' OPKQp' vo`cqn|cgnyc|nkhp. chl |mo qvkp+`khp ke oc`m

\mo ndqkv|ch`o ke c |mkvkbm envd ucgc|nkh |k dchcboo}qo`|c|nkhp chl dnhndnyo pvqvnpop

Pmkgl ~k pogg ~kv envd |k c gcvbov C+O envd;Bo||nhb ~kvenvd |vchpc`|nkh vocl~ chl `kdqcvnhb |mo o}|ovhcg pcgoup( |mo nh|ovhcg |vchpn|nkh vk|o

Mkr krhovp chl qcv|hovp `ch bo| bknhb hkr(Rmc| cvo |mop|oqp |k dkuo |krcvlp c qkpn|nuo p``oppnkh qgch;



4/29

Nh|ovhcg Krhovpmnq \vchpn|nkh

Pmne|nhb Lodkbvcqmn`p

Qov`oh| ke \k|cg Qkqugc|nkh

61(1/

66(1/

6


5/29


Kq|nkhp ekv bo||nhb pmcvop nh|k mchlp ke ~kvodqgk~oop

Lnvo`| P|k`j Qv`mcpo

Odqgk~oo P|k`j Qv`mcpo Qgch -OPQQ.

Odqgk~oo P|k`j Krhovpmnq Qgch -OPKQ. Gouovcbol Vo`cqn|cgnyc|nkh

P|k`j Fkhp Qvkbvcdp

P~h|mo|n` Osn|~ Qgch -@khuovpnkh.

P|k`j Kq|nkhp

Dovbov chl C`snpn|nkh



6/29


Lnvo`| P|k`j Quv`mcpo Qgch

Qgchhol lnvo`| pcgop |k jo~ nhlnunlcgp Hkh$lng|nuo

Pcgop ke pmcvop evkd |vocpv~ Lng|o krhovpmnq -hk| ucgo.

\cjop gkhbov |k vol`o dcikv pmcvomkglovp nh|ovop|

Fo dnhleg ke NV@ Po`|nkh 016

Ekvdcgnyol pcgop ke pmcvop kuov |ndo

@kddhn`c|op gkhb$|ovd kqqkv|hn|~ ekv

o}qchlol krhovpmnq



7/29


Odqgk~oo P|k`j Quv`mcpo Qgch


8/29


Odqgk~oo P|k`j Krhovpmnq Qgch -OPKQ.

Scgnenol vo|nvodoh| pcunhbp qgch hlov NV@


9/29



OPKQ np bkuovhol f~ |vp|oop

Loqcv|doh| ke Gcfkv bkuovhp |mo cldnhnp|vc|nkhke OPKQp

Ndqgodoh|c|nkh chl cldnhnp|vc|nkh ke OPKQ rnggvosnvo povun`op ke ch o}qovnoh`ol fohoen|p`khpg|ch|

P|k`j dp| fo ucgol chhcgg~ ekv OPKQ

qvqkpop f~ c scgnenol nhloqohloh| cqqvcnpov

Dkvo envdp kq|nhb ekv P$OPKQ



10/29



Qvo |c} ocvhnUnpn| up c| rrr(yronbrmn|o(`kd


11/29


Goovcbol Vo`cqn|cgnyc|nkh

P|k`j volodq|nkh

Pqo`ncg lnunlohlp

Fchj hk|o uovpp pmcvomkglov hk|o Dn|nbc|o fchjvq|`~ vnpj

Ocpnov |k ehl

Hk| d`m gopp vnpj |mch fonhb c pmcvomkglov

O}`opp `cpm;

Pkgo krhov uovpp gcvbo pmcvomkglovNV@ Po`|nkh 016



12/29


P|k`j Fkhup Qvkbvcdp

\c} lol`|nfgo o}qohpo rn|m hk `cpm k|gc~

Pcgop ke pmcvop evkd |vocpv~ Lng|o krhovpmnq -hk| ucgo.

Lnl |mo~ F~ n|;

Qp~`mkgkb~ ke f~nhb pmcvop uovpp Bnuohpmcvop

Krhovpmnq p|cv|ov;



13/29


P~h|mo|n` Osun|~ Qvkbvcdp

Qmch|kd P|k`j

Vo`onuo _hn|p voqvopoh|nhb ucgo oscg |k cqqvo`nc|olnh`vocpo nh osn|~

P|k`j Cqqvo`nc|nkh Vnbm|p

Vnbm| |k dkho|cv~ osnucgoh|

Bvoc| |kkg ekv qvkunlnhb qpnlo rn|mk| bnunhb qkrhovpmnq

Gopp ecukvcfgo |c} `khposoh`o

Lnp`vndnhc|kv~

NV@ Po`|nkh c



14/29


P|k`j Kq|nkhp

@kh|vc`| ekv c vnbm| |k qv`mcpo pmcvop

Enuo |k pouoh ~ocvp ke uop|nhb

Bvoc| vo`vn|nhb+vo|oh|nkh |kkg

Krhovpmnq np hk| |vchpeovvol -h|ng o}ov`npol. Gkhb$|ovd kfio`|nuo

Fo crcvo ke |c}op



16/29

D%C Ohnvkhdoh|

Lopqn|o bgkfcg vo`oppnkh chl houoh lopnbh `gndc|o' `c|nkp f| vopngnoh| D%C chlnhlp|v~ `khpkgnlc|nkh c`|nun|~ np `kh|nhnhb nh 611>

Pkdo f~ovp cvo qggnhb fc`j |mo vonbhp kh D%C chl o}qchpnkh bkcgp: k|movp pooucgo qgc~ kqqkv|hn|nop bnuoh dkvo vocgnp|n` ucgc|nkhp

Dkvo poggovp odovbnhb rn|m `mcggohbnhb lopnbh chl o`khkdn` `gndc|o chl vocgn|~ keecukvcfgo `cqn|cg bcnhp |c} |voc|doh| o}qnvnhb nh 6131

Qvnkv Poggovp Dcvjo| ke mnbmov ucgc|nkhp pmne|nhb |k F~ovp Dcvjo| bnuoho`khkdn` gchlp`cqo chl pqqg~+lodchl ndfcgch`o f~ovp cvo fonhb `mkkpnov nh|ovdp ke `vn|ovnc' ucgc|nkhp' chl p|vc|obn` nh|oh|

Nh|ovhcg krhovpmnq |vchpn|nkh qgchp fo`kdnhb dkvo lneen`g| |k c``kdqgnpm

Gkhb$|ovd' _(P( dcvjo| rngg `kh|nho |k fo c||vc`|nuo |k @chclnch' Cp|vcgnch' chlOvkqoch f~ovp' pqvvnhb dkvo `vkpp$fkvlov locgp

Mcuo rn|hoppol pnycfgo locgp |mc| cvo `mchbnhb `kdqo|n|nuo gchlp`cqo' f| poonhb

dkvo hn`mo |`j$nh locgp bnuoh `vvoh| `khln|nkhp

@uvvoh| D%C @gndc|o



17/29

D%C Ohnvkhdoh|

Bokbvcqmn` vobnkhp9 Pk|mocp| chl Pk|mrop| _(P(: do|vkqkgn|ch _(P( `n|nop

Povunòp9 `nung' ohunvkhdoh|cg' bok|o`mhn`cg' p|v`|vcg

Dcvjo|p9 eolovcg' mocg|m`cvo' dnhnhb' ohovb~+kng % bcp' qkrov+|ngn|nop'p|c|o+dhn`nqcg' rc|ov vopkvòp' rc|ov+rcp|orc|ov' hc|vcg vopkvòp'nhevcp|v`|vo' bvooh fnglnhb -DOQ.' chl |vchpqkv|c|nkh

Pnyo9 3?$3?1 odqgk~oop' ,6$,61D ho| vouoho

Louogkqol `gnoh| fcpo

\o`mhn`cg p|cee rn|m fvkcl qvkio`| dchcbodoh| chl dcvjo|nhb o}qov|npo

Lopnvol @vn|ovnc f~ Fu~ovp



18/29

D%C Ohnvkhdoh|

Ec`ngn|c|o krhovpmnq |vchpn|nkh + dc}ndnyo pmcvomkglov vo|vh

O}qchl envdp vopkvòp -dchcbovncg' dcvjo|nhb' enhch`ncg'qovpkhhog.

Nh`vocpo kqqkv|hn|nop ekv p|cee

Qvkunlo ndqo|p ekv bvkr|m Dchcbo bvkr|m

Qvkunlo hor povunòp |k o}np|nhb `gnoh| fcpo

Qvkunlo o}np|nhb povunòp |k hor `gnoh| fcpo

Envo pcgo kv lnp|voppol pn|c|nkh ekv pvunucfngn|~

Dovbov % C`sunpn|nkh Puvo~ke C+O+Qchl Ohnvkhdoh|cg Envdp vopqkhloh|p nhln`c|ol `khpnlovnhb cenvd pcgo' ch cgg$|ndo mnbm

Pcgo Vc|nkhcgo



19/29

Pogg Lkrh kv Pogg Ku|;

Jo~ Lneeovoh`op fo|rooh ch Nh|ovhcg \vchpn|nkh chl

O}|ovhcg Pcgo9


c kop c ~q `c oc


20/29

c kop c ~q `c ocgkkj gnjo;

Dkp| cvo cppo| qv`mcpop vc|mov |mch p|k`j qv`mcpop

\vchpc`|nkhp cvo ke|oh dn} ke `cpm' f~ovp p|k`j' %nhp|cggdoh| hk|op

O}cdqgo $ ,6(6D Ucgc|nkh

,2?1j `cpm c| `gkpnhb ,6?1j p|k`j c| `gkpnhb

,3(6D nh |mvoo chhcg nhp|cggdoh|p ke ,


21/29

Cvo ^ku \vchpc`|nkh Vocl~;

Qovpkhcg

@ch ~k dcjo |mo prn|`m evkd krhov+oh|voqvohov |k odqgk~oo;

Vocgnyo qkppnfgo gkpp ke `kh|vkg' ego}nfngn|~' gneop|~go' fohoen|p' |n|go' vkgo' o|`(

Cbo' ecdng~' mocg|m `khòvhp' 6hl |nov `cqcfngn|~+goclovpmnq cgg ec`|kvp

Dch~ krhovp pmcvo |mo~ rkvj mcvlov lvnhb chl ce|ov |mo pcgo |mch foekvo n|#

Kvbchnyc|nkhcg

Mkr np ~kv enhch`ncg mnp|kv~ chl |vohlp; Bvkrnhb; Qvken|cfgo; Mkrp fc`jgkb;

Lk ~k mcuo kvbchnyol enhch`ncg' gobcg' qovpkhhog' chl kqovc|nkhcg vo`kvlp; Cvo |movo ch~ qohlnhb gncfngn|~ nppop -qovpkhhog nppop' qohlnhb gcrpn|p' pke|rcvo

gnòhpnhb loen`noh`nop' o|`(.

Mkr rkgl ~k fvocj |mo horp |k odqgk~oop chl `gnoh|p; Voc`|nkhp;

Fo cfgo |k cv|nùgc|o ~kuv envdp `cqcfngn|nop chl p|vc|obn` vc|nkhcgo |k c fu~ov#


o hb k hb ~q `c vd


22/29

o hb k hb ~q `c vdPcgo Qvkòpp

_hpkgn`n|ol Nhsunv~

Gk`cg+Vobnkhcg @kdqo|n|kv kv _hjhkrh Jhk`j kh |mo Lkkv Kho kh kho lnp`ppnkh np f~ov vnbm| `g|vcg dc|`m; Cvo ~k

bo||nhb fop| qvnò+|ovdp; Np p~hovb~ qk|oh|ncg |movo;

C`|no Voqvopoh|c|no Qvkòpp

Nloh|ne~ f~ov hnuovpo

@kh|c`| @OKp+Qvopnloh|p c| pogo`|ol envdp

Lnp|vnf|o `khenloh|ncgn|~ cbvoodoh|p chl pcgo dodkvchld

Cvvchbo nh|vkl`|kv~ doo|nhbp ekv dchcbodoh| |ocdp

Cppnp| rn|m ucgc|nkh vchbo' locg p|v`|vo' chl odqgk~doh| nppop

Rkvj rn|m gobcg chl c``kh|nhb |ocdp

Hobk|nc|nkh h|ng locg `gkpvo


o hb k hb ~q `c vd


24/29

o hb k hb $ vd c oQvkòpp

Pmcvomkglov Kfio`|nop

Dc}ndnyo ucgc|nkh

Oucgc|o vogc|nuo dovn|p ke lneeovoh| ekvdp ke `khpnlovc|nkh

Qvoeovohò ekv `cpm chl +kv osn|~ evkd p|vkhb' bvkrnhb CO@ envdp

@khpnlovc|nkh ke ocvhk|p |k fvnlbo ucgc|nkh bcqp

Pcgcv~' fkhp' chl qovsnpn|op |k dchcbodoh| chl p|cee Oucgc|nkh ke |c} p|vc|obnop |k dc}ndnyo |vchpc`|nkh qvkòolp

Dcjo qvkbvopp kh c |ndog~ fcpnp |k dc}ndnyo pohnkv dchcbodoh|pkq|nkhp

Qvopovuo khenloh|ncgn|~ |k dnhndnyo lnpvq|nkhp

Kvlovg~ |vchpn|nkh chl nh|obvc|nkh ke odqgk~oo chl `gnoh| fcpo


o hb k hb vd c o


26/29

@gkpnhb \mkubm|p

_hlovp|chl ~kv dk|nuc|nkh |k pogg chl cpj qoovp |mc| mcuobkho |mvkbm n|

_hlovp|chl |mo f~ovp dk|nuc|nkh |k c`snvo ~k

Fo crcvo |mc| CO@ |vchpc`|nkhp cvo mkgnp|n` chl nh|obvc|nkhke |rk lnpqcvc|o envdp `ch fo qkroveg' ~o| lnpvq|nuo

Vocgnyo |mnhbp rngg fo lneeovoh| dkp| odqgk~oop chl `gnoh|plkh| gnjo ho}qo`|ol `mchbo#

Jhkr |mc| ~k lkh| mcuo |k pogg -kv f~. f| vocgnyo ~kv`kdqo|n|nkh nph"| p|chlnhb p|ngg


Loln`c|ol O}n| P|vc|ob~


27/29

Loln`c|ol O}n| P|vc|ob~Podnhcvp % Ooh|p

Dovbov % C`sunpn|nkh Oppoh|ncgp ekv C+O+Q chl Ohnvkhdoh|cg@khpug|nhb Envdp K`|kfov 6=' Gcp Uobcp' HU

Ucguc|nkh % Krhovpmnq \vchpn|nkh ekv C+O+Q chlOhnvkhdoh|cg @khpug|nhb Envdp

K`|kfov 6=' Gcp Uobcp' HU

Lo`odfov 6' Rop| Qcgd Foc`m' EG

611> CO@ Dovbovp % C`sunpn|nkhp Puddn| Lo`odfov 0$< Vn|y @cvg|kh' Rop| Qcgd Foc`m' EG

rrr(yronbrmn|o(`kd+ouoh|p



28/29

Suop|nkhp

;Unpn| up c| rrr(yronbrmn|o(`kd


29/29

@kh|c`| Nhekvdc|nkh

P|ouo Bnlk' @EC Dn`mcog KFvnoh' CPC-616. >5?$ -616. >5?$

It’s Lonely at the Top:Exit Strategy Alternatives for Sole Owners and Partners

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Transcript of It’s Lonely at the Top:Exit Strategy Alternatives for Sole Owners and Partners