5603 Powercat Pl, Manhattan, KS, United States
ENTREPRENEURIAL CHALLENGES
Owners Not Aligned
Maybe you recognize this problem. We had a company that had three owners. And the reason why they were struggling is because the three owners were not aligned.
When you have a tire on a vehicle that's out of alignment, all of the other wheels are rolling very effectively and efficiently. Then, the fourth tire wants to pull left all of the time.
Their business was out of alignment. The communication begins to break down. They are not talking and having tough conversations. This is real life in a multi-owner business. Remember, the commercial airliner is only on course 2% of the time. The other 98%, the plane is off course and it's making corrections. This company and their three owners were absolutely aligned when they started their business. But then life occurred, and misalignment begins.
If your company is misaligned and you know you're the one that's misaligned with the other two who are wanting to go this path, then how are you going to exit the company and how do the other two come up with the capital to buy you out. How do you bring up the conversation in a compassionate way to continue building the future success of the company. Often, it's the perception of the navigator that can bring the tough questions to the owners. This lets the navigator be the one to challenge the status quo allowing the owners to be strategic.
Partnership Exit Strategy
Core Score helped this company achieve an exit strategy for the partners and the one partner that was misaligned the most was able to take a new path in his life.
If you are an entrepreneur, do you have an exit strategy? If you are in a partnership, do you have a plan for a partner to be able to exit the business?
Many entrepreneurs start their companies without any thought of the exit. If you can operate for 30 years without one, why would it be important? We can promise you, "Every owner will exit their company!" It's just a matter of was it done strategically to set up the company to succeed in the future? Or was it ignored or left to chance or ASSumed that it would all work out?