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Exit Strategies: Think Like a Start-up

By Howard Cohl

One of the first questions a sophisticated investor considers when making a commitment to a start-up company is: How will I get out? If you don't believe me, just watch an episode of Shark Tank.

Whether businesses sell hard goods, license technology or dispense advice ( e.g. , law firms), the common thread is that they are all businesses founded by one or more individuals, all of whom will someday exit the business. Law firms are businesses, and all too often partners and founders lose sight of that basic premise. Doing so can cost them dearly when it comes to building inherent value in the firm.

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