Sell to a third party, or a junior partner? There are pros and cons to each, but either one beats a dead-stick landing.
In the article, "Charting Your Succession Course" written for Wealth Management Magazine by FP Transitions president and founder, David Grau Sr., JD, he discusses the differences between an external sale and an internal transition, as well as the choices each path affords you as you plan for the future.
Remember, building a sustainable business and incorporating new talent into your ownership structure is a process that takes planning and monitoring. A process with so many moving parts plus multiple parties and expectations is bound to see some bumps. Sometimes those bumps can necessitate larger course corrections in order to keep the plan on track.
A course correction can come in the form of accelerating your plan, incorporating more owners, or, in some cases, falling back to Plan B.