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How to Sell a Business With Partners

When Business Feels More Like Family
Let me tell you—selling a business is wild enough on your own. Now throw a couple of partners into the mix? That’s like herding caffeinated cats through a legal obstacle course. I’ve been there. And if you’re here, you’re probably somewhere between “we built something great” and “how do we unwind this without a food fight?”

This post isn’t some generic checklist you can copy-paste from a textbook. It’s the real story of how I navigated selling a company I co-owned with two people I respected… and occasionally wanted to strangle. I’m sharing what worked, what almost blew everything up, and the stuff no one tells you until it’s too late.

Ready? Let’s talk exits, egos, and equity.

Step 1: Get Honest With Yourself (And Then With Each Other)

We started with beers at our usual spot. Just three founders staring into our drinks like they held answers. One of us was burnt out. Another had a new venture itching in the back pocket. Me? I wasn’t even sure what I wanted yet.

But we all knew something had to change.

So the first real step? Honesty. Not the “yeah, let’s all stay friends!” kind. I mean actual, unfiltered conversations. We had to get brutally real about:

  • Why we wanted out

  • What each of us really wanted in a deal

  • What we were afraid of (hello, control issues)

I won’t sugarcoat it—there were some raised voices. Some bruised egos. But having those hard convos early was everything. It laid the groundwork for trust when things got messier later on.

Pro tip: Do this before a buyer even enters the room. Otherwise, you’ll end up negotiating more with your partners than the actual buyer.

Step 2: Dust Off the Operating Agreement (Yes, Really)

You know that document you signed way back when you had zero revenue and a ton of optimism? Yeah. That one.

I hadn’t looked at ours in years. But when we started talking about selling, it became our Bible. And guess what? There were clauses in there we completely forgot about—like how profit splits worked, how votes were handled, and what happened if one partner wanted to stay behind.

Lucky for us, we hadn’t totally botched it. But we still had to:

  • Clarify voting rights for approving a sale

  • Agree on what a “reasonable offer” looked like

  • Decide how sweat equity factored in (ugh, this part was rough)

If you don’t have a solid agreement? Stop reading and call a lawyer. I’m serious. Without one, you’re basically speed dating buyers while handcuffed to two wildcards.

Step 3: Align on the Endgame Before You Talk to Buyers

Here’s where things can spiral fast.

One of my partners wanted a clean exit: cash, out, done.
Another wanted to stay on with the buyer for a while, like a golden retriever guarding the brand.
Me? I wanted equity in the acquiring company.

That’s three very different dreams. But we made it work—because we had those tough talks before we brought in a broker or buyer. Otherwise, we’d have scared people off faster than a toddler in a board meeting.

We had to compromise. Everyone gave a little. But we agreed on the core terms we’d accept before anyone saw a pitch deck.

It made us look organized, serious, and low-drama. Which, to a buyer? Chef’s kiss.

Step 4: Choose a Broker Who Can Handle Group Dynamics

Finding the right business broker was like dating in our 30s: you need someone who’s seen some sh*t.

We needed someone who could navigate not just valuations and NDAs, but also mediate when egos flared or when someone tried to sneak in “just one more term.” The broker we chose? A total legend. Think therapist-meets-accountant with a side of shark tank.

Here’s what made the difference:

  • They ran point so we didn’t get stuck fighting logistics

  • They pre-screened buyers to match our collective goals

  • They kept negotiations moving, even when we hit bumps

Trust me—don’t go cheap here. A great broker pays for themselves ten times over, especially when partners are involved.

Step 5: Stay Aligned Through the Final Stretch (aka the Emotional Gauntlet)

Here’s the truth: the last 30 days before closing? They’re a rollercoaster. Documents flying. Lawyers nitpicking. Buyers asking questions like, “Can you prove your profit margins from June 2019?”

Tensions got high. One partner almost walked over a clause about transition duties. We had to remind each other—often—that we were in this together. Even when the pressure hit, we leaned on the shared purpose we started with: make a graceful exit, protect what we built, and not torch the friendships.

We set a few ground rules:

  • No last-minute surprise requests

  • Always bring concerns to the group, not behind backs

  • Weekly check-ins to stay synced

Those little things? Lifesavers.

What Happened After We Sold

We closed on a Tuesday. I remember the email came in just after lunch. Signed, wired, done. There were no fireworks, no champagne. Just a weird, quiet sense of “huh… we actually did it.”

And I’ll be real—I cried. Not in a dramatic movie-scene way. Just a soft wave of everything hitting me at once. Relief. Grief. Pride.

We’d built something from scratch. Together. And now we’d passed it on.

It wasn’t perfect, but we got through it with our friendships intact and our dignity mostly preserved (I may have sent a few unhinged Slack messages… but we laugh about those now).

Key Takeaways: Selling With Partners Without Going Nuts

  • Have the hard talks first. Don’t wait for a buyer to expose your differences.

  • Review your operating agreement. It’s your map—make sure it leads somewhere good.

  • Get aligned on goals. If one person wants a yacht and the other wants a legacy, hash it out now.

  • Hire a strong broker. They’re your navigator through the storm.

  • Keep communication open. Weekly syncs saved us from imploding more than once.

Final Thoughts: Respect the Journey

Selling a business with partners is part business, part therapy, and part magic trick. But it can be done—cleanly, profitably, and even joyfully—if you approach it with honesty, patience, and a little humility.

No one teaches you this stuff. But if my experience helps even one person avoid a disaster (or a friendship-ending shouting match), then hey—it was worth typing this with a cold coffee and slightly-too-loud playlist in the background.

If you’re staring down the road of selling with partners, buckle up. But also? Enjoy the ride. You built something amazing. Now go finish the story right.

Got questions? Want to swap battle stories about business breakups? I’m all ears—drop them in the comments.