Capital

Lack of an Exit Strategy

not that difficult to plan, but the 3rd item is what many neglect to plan.

Careful legal planning in the beginning is a key to being able to
implement a good exit strategy if two or more of the partners implode.
Can you see the importance of having a good real estate attorney as
part of your joint venture? You want good preventive law planning in the
beginning, and you want to be able to implement and follow-through with
the same wisdom.

Do you have an exit strategy when:

The purpose of the partnership is
completed; and
If the partnership fails to achieve it's
purpose because of business reasons
(supply, demand, costs, pricing), and
If the partners have an irreconcilable
conflict.

Do you have an exit strategy?

The more you consider the needs of a
successful partnership, the more one is
convinced of the need for a good written
business plan and the right business partners.
An exit strategy for the first two items above is

Partners F ail in T heir R elationships W ith E ach O ther;
Lack of a Good Business Plan in the Beginning;
Lack of Capital and/or Income;
Lack of a Good Exit Strategy;