Define the objectives

Liquidity, growth, succession, control, employee continuity, family considerations, and timing should be stated before solutions are compared.

Evaluate consequences

Each path should be assessed for value, risk, capital needs, governance, taxes, execution difficulty, and the owner’s required future involvement.

Keep the analysis honest

Owners should distinguish what is known from what is assumed and consider what happens if performance, markets, or personal circumstances change.

Questions for Owners

Questions worth considering

  • Which objectives cannot be compromised?
  • What does each alternative require from the owner?
  • How resilient is each path if conditions deteriorate?