Aligning Partners Before Buyers Arrive

By Claudia Luquerna | Principal, VR Business Sales of Atlanta

You may be ready to sell. Your partner may be ready for a vacation. Those are two very different conversations.

When you have built a business together, it is easy to assume you want the same ending. You have shared long hours, difficult decisions, and years of responsibility. Surely you agree on what comes next.

Before approaching buyers, co-owners should align on why they want to sell, when they want to leave, and what each person expects from the transition. They should also confirm who has authority to approve and sign a transaction. “We are ready” needs to mean more than “we have talked about it.”

Are you planning the same exit?

Imagine two partners discussing a sale. One wants to retire within a year. The other wants to stay, keep leading the team, and participate in the next stage of growth. Both may welcome a buyer. They are imagining different transactions.

Neither goal is unreasonable. But the difference affects which buyers you approach and what you ask them to consider. Resolve that difference early, while you can explore options privately.

The same applies to personal priorities. One owner may need a clean departure. Another may care most about preserving the company name or protecting a family member’s role. Put those expectations on the table before a buyer becomes part of the conversation.

Who can actually approve the sale?

A title on a business card is not enough to answer that question. Ask your attorney to review the ownership records and governing agreements, identify required approvals, and confirm who can sign for the proposed transaction.

For an LLC, the operating agreement is an important starting point. Georgia’s Secretary of State explains that it addresses the rights and powers of members and managers.¹ Ownership percentages alone should not substitute for a review of the documents and applicable law.

Keep legal authority separate from personal influence. A spouse or family member may strongly shape an owner’s decision; that does not establish authority to approve the company’s sale. Both conversations deserve attention.

Try a private partner alignment meeting

Set aside 30 minutes. Each owner should write their answers independently before comparing them:

Why do I want to sell, and what would make me postpone?

When do I want to leave, and how long am I willing to help afterward?

What outcome matters most to me, beyond the purchase price?

What am I willing to negotiate, and what is essential?

What approvals and signing authority still need professional confirmation?

Mark each answer “aligned,” “needs discussion,” or “needs advice.” Assign someone to resolve every open item. This exercise starts the conversation; it does not replace formal approvals or legal documents.

You do not need identical dreams to create a workable exit plan. You need to understand where those dreams meet, and where they require a decision.

If you and your partner are considering a sale, let’s start with the conversation that comes before the buyer. Claudia Luquerna | VR Business Sales of Atlanta | www.vrbizworld.com