Greater Phoenix In Business Magazine recently reported on exit strategies for businesses and interviewed Polsinelli attorney Phillip Guttilla
. Phil is a member of the firm's Corporate and Transactional practice and takes pleasure in helping his clients grow and reach their goals. Using a practical approach to legal issues, Phil seeks to understand his clients’ needs as a basis for providing useful advice on which to act. With this approach, Phil is often viewed as a trusted adviser.
“When I help people start companies, I always counsel them to have an exit plan,” Guttilla says, noting this holds true for purchasing a company as well. “As the late businessman and author Dr. Stephen R. Covey writes in The Seven Habits of Highly Effective People, you start with the end in mind. Any business owner starting out should have a sense of what the plan is. Will the company go public, or should it be packaged attractively for purchase should a bigger player come along? In many venture capital funds, there are time horizons. Most funds have a 10-year life span. Funds are established to get to an exit — that 10-year mark,” Guttilla explains.
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