20 Feb How to Sell a Business with Partners
The Deal You’ve Dreamed Of… or a Nightmare That Ends in Lost Friendships and Lawyers?
Selling your business should be the biggest payday of your life. But if you have partners, it can just as easily turn into the biggest disaster you’ve ever faced.
Here’s what no one tells you: the deal isn’t just about finding a buyer—it’s about surviving the process with your money, your sanity, and your business relationships intact.
Because when millions of dollars are on the table, even the strongest partnerships crack. Resentments bubble up. One partner wants to cash out now, another wants to hold out for more. Someone gets emotional. Someone gets greedy. And before you know it, the buyer walks—taking your once-in-a-lifetime exit with them.
If you don’t handle this the right way, you won’t just lose the deal—you could lose everything you’ve built.
So how do you protect yourself, your business, and your partnerships? Let’s break it down…
The #1 Deal Killer: Partners Who Aren’t on the Same Page
Buyers hate uncertainty. If your partners can’t agree, your business instantly becomes a risky purchase—and buyers will either lowball you or walk away entirely.
Common partner conflicts that sabotage deals:
❌ One partner wants to sell, another wants to hold out for more money
❌ Disagreements over who gets what (especially if ownership stakes aren’t equal)
❌ One partner is emotionally attached and refuses to let go
❌ Partners with different financial situations—one needs cash NOW, the other doesn’t
❌ Resentment over past contributions (or lack thereof)
Buyers don’t want to play referee. If they sense friction, they’ll move on to the next deal.
How to Avoid a Partner Meltdown During a Sale
Here’s how smart business owners handle partner conflicts before they tank the deal:
✔ Get Aligned Before You Go to Market – You must get on the same page on price, deal terms, and exit strategy before you bring in buyers. If you don’t? Expect a messy negotiation that drives buyers away.
✔ Use a Buy-Sell Agreement (Or Fix Yours Now) – If you don’t have one, get one. If you do, make sure it actually works. A good buy-sell agreement lays out exactly how ownership interests are handled in a sale—eliminating fights before they start.
✔ Agree on a Decision-Making Process – Who has the final say? If you need unanimous approval to sell, you’re asking for problems. Consider majority rule or a predetermined formula to settle disputes. Again, a well-crafted Buy-Sell Agreement is critical here.
✔ Separate Business from Emotion – You started this business together. You built something real. But the minute you let emotions take over, the deal is dead. Smart sellers focus on maximizing value, not personal grudges.
✔ Get the Right M&A Lawyer Involved Early – If you don’t have an experienced M&A attorney guiding you through this, you’re flying blind. A strong legal strategy ensures that all partners are protected, aligned, and ready to close.
The Bottom Line: Sell the Business, Not the Drama
A business sale should be a profit-maximizing event, not a partnership-ending disaster. If you and your partners don’t get your act together before you go to market, you risk killing the deal—and losing millions.
Want more strategies for selling your business the right way? Stay ahead of the game and get in-the-know. Talk to us.
