Ask The Business Lawyer

According to a report this past Thursday at CNNMoney.com, Sara Lee is selling its stake in a Mexican joint venture to its joint venture partner.  Although reports are sketchy, reasons include "closer focus on core brands" and " "ongoing efforts to streamline business." 

That's why a clear exit strategy -- whatever the partnering relationship -- is so important.  Your business objectives could change, your finances could change, the profitability of the venture could change.  All of these are valid reasons for needing to get out.  But you can't do it quickly or elegantly (reports are that Sara Lee's deal will close in about a month) without a written plan.