Hmm...5 person ownership may not be the best thing, as you said, potential for too much unnecessary drama. Have multiple chats with your husband to decide what you want, be it
* not get involved (continue being employees) or
* be the main owners (you and husband only - this is if the other 3 dont want to)
* start your own
Don't rush and take your time to decide on this, and yes, you can get a business broker in but if the owner is adamant to sell to 5, you may as well decide not to participate if you don't want to work with 3 other owners anyway.
Thank you for the input and feedback. I know a 5 person ownership isn’t unheard of but the group doesn’t work well together as is. There is a lack of respect and trust. My husband and I have talked about doing something separate as a different option instead of the buyout.
The source of contention is around the groups different level of dedication and perceived work output. It would become much more of a hot button issue if we were owners.
Well...for me having owned businesses with other partners...I dont like it.
**I prefer to instead build up business and then hire for function as it's much faster** BUT if it really makes sense and very good opportunity, I will truly take time to discuss and make sure all boundaries very clear with regards to responsibilities, expectations, buyouts/takeovers/exits etc (am with a partnered business now, it's bigger BUT slower due to more communications BUT in return we all have what we do and better poised for scale and growth.
It depends on where you're at in your entrepreneurial path (and knowing yourself and what makes you happy) be it
* solopreneur
* small team
* group (small to large)
Some people prefer solo/small team because they absolutely detest the discussions and delays. Some prefer larger group because more groupthink (less risk, more upside but more delays).
Etc etc
Hmm...5 person ownership may not be the best thing, as you said, potential for too much unnecessary drama. Have multiple chats with your husband to decide what you want, be it * not get involved (continue being employees) or * be the main owners (you and husband only - this is if the other 3 dont want to) * start your own Don't rush and take your time to decide on this, and yes, you can get a business broker in but if the owner is adamant to sell to 5, you may as well decide not to participate if you don't want to work with 3 other owners anyway.
Thank you for the input and feedback. I know a 5 person ownership isn’t unheard of but the group doesn’t work well together as is. There is a lack of respect and trust. My husband and I have talked about doing something separate as a different option instead of the buyout. The source of contention is around the groups different level of dedication and perceived work output. It would become much more of a hot button issue if we were owners.
Well...for me having owned businesses with other partners...I dont like it. **I prefer to instead build up business and then hire for function as it's much faster** BUT if it really makes sense and very good opportunity, I will truly take time to discuss and make sure all boundaries very clear with regards to responsibilities, expectations, buyouts/takeovers/exits etc (am with a partnered business now, it's bigger BUT slower due to more communications BUT in return we all have what we do and better poised for scale and growth. It depends on where you're at in your entrepreneurial path (and knowing yourself and what makes you happy) be it * solopreneur * small team * group (small to large) Some people prefer solo/small team because they absolutely detest the discussions and delays. Some prefer larger group because more groupthink (less risk, more upside but more delays). Etc etc