I have four teenagers. I give lots of advice (probably too much). But the one thing they constantly hear from me is “play the long game” or “short term pain yields long term gain.” They are sick of it, but it’s true. Our decisions are invariably better when we weigh extended consequences and expected long term results when making them.

Exiting a business is one of the most significant decisions a business owner will ever make. For years we have witnessed business owners make their exit decision primarily based on maximizing purchase price. Again and again this short term thinking results in long term regret. This is why 75% of owners deeply regret selling their company within one year of transition (according to the Exit Planning Institute).

Even though most great business owners care deeply about ensuring the company they built, with the people they employ, and the legacy  they created together continues to thrive, they don’t emphasize this in their sale process.

Selecting a buyer who can pay a full and fair value while prioritizing long-term stewardship over short-term gains makes all the difference. At Cojourn, we believe that a long-term approach is not only beneficial but essential for the sustained success and integrity of the businesses we acquire.

Defining Stewardship in Business Exits

Stewardship is a concept deeply rooted in responsibility and care. We think of it as a commitment to nurturing and preserving all that has been entrusted to us. In many religious contexts, stewardship is about managing resources or responsibilities on behalf of a higher power. For example, in the Bible, the parable of the talents illustrates the importance of wisely managing what is given to you, a principle that is directly applicable to the management and continuation of a business legacy.

In the context of business acquisitions, stewardship means taking a long-term view—prioritizing company sustainability, culture, and values over immediate financial returns. This approach ensures that the identity and mission of a business continues to flourish under new ownership.

The Limitations of Short-term Focused Buyers

Many business owners, when considering an exit, are rightly wary of private equity buyers. By design these firms focus on short-term gains, looking to maximize investor returns within a limited timeframe. They borrow money from investors and lenders and need to give it back to them as soon as possible. In fact the sooner they return capital to their investors the bigger cut they get. Returning investor capital within a defined period drives Private Equity profit and therefore decision-making, often at the cost of the long-term well-being of the business and its people.

The Cojourn Difference – Long-term Stewardship in Action

At Cojourn, we invest our firm’s own long-term capital into business acquisitions with a commitment to stewardship. We are building a family of companies to keep upon the understanding that  good businesses have unique stories, cultures, and missions that ought to be preserved. This is why we take a listen-first approach, ensuring that we fully understand the vision of the founders and the values that drive their businesses.

A key tool in our stewardship approach is the use of cultural covenants. These are formal commitments embedded in our purchase agreements, designed to protect the essential aspects of a company’s culture and operations. For instance, in our acquisition of Oilstop, we worked closely with the founder, Larry Dahl, to ensure that his company’s mission and values would continue to guide the business long after the sale. This included maintaining the company’s name and mission statement, continuing leadership development programs, and upholding key operational practices. For more detailed insights, you can read the full Oilstop case study here.

The Advantages of Choosing a Stewardship-focused Buyer

Preservation of Legacy and Culture 

One of the most significant benefits of long-term stewardship is the preservation of a company’s legacy and culture. This is particularly important for businesses that have built strong, values-driven cultures over decades and are part of the company’s competitive advantage. At Cojourn, we ensure that these critical aspects of a business are not only maintained but nurtured and grown.

As mentioned in the preceding paragraph, Cojourn incorporates cultural covenants in our acquisition agreements to memorialize our commitment to maintaining the culture and legacy of the businesses we acquire. These covenants provide peace of mind to sellers, knowing that the values they’ve instilled will continue to be respected and upheld.

A Sunday Kind of Stewardship: Chick-fil-A A powerful example of long-term stewardship in action is Chick-fil-A. The company’s decision to remain closed on Sundays, despite the potential for significant revenue loss, reflects a deep commitment to its core values and the well-being of its employees. This decision has not only preserved the company’s culture but also contributed to its success— According to the Chick-fil-A franchise disclosure documents, each store generates an average of $8.1 million per year, the highest in the fast-food industry, despite being open 14% fewer days each year. This example illustrates how prioritizing long-term values over short-term profits can lead to sustained success and a strong organizational culture. By the way, all of our oil change service centers are closed on Sundays too.

Sustainable Growth and Operational Stability Long-term stewardship also ensures sustainable growth and operational stability by allowing decisions to be made with a decades-long horizon in mind. Unlike private equity firms, which often focus on achieving quick returns to meet investor timelines, Cojourn can think about ROI in spans of decades. This long-term perspective enables us to invest deeply in people, technology, and processes that support the enduring success of the business.

A Berkshire Hathaway Approach A powerful example of this long-term thinking is Berkshire Hathaway’s acquisition of See’s Candies in 1972. Rather than pushing for rapid expansion, Warren Buffett chose to maintain the brand’s quality and reputation, focusing on sustained profits over decades. This patient strategy exemplifies the success that comes from nurturing a business’s enduring strengths rather than chasing short-term gains, a philosophy that aligns closely with Cojourn’s approach.

Why Long-term Stewardship is the Superior Choice

Choosing a buyer who values long-term stewardship is about more than just securing a financial exit—it’s about ensuring the future success of your business. At Cojourn, we align our values with those of the business owners we partner with, offering a transition that respects the legacy, culture, and long-term goals of the company.

For business owners who care deeply about the future of their employees, customers, and the community they’ve built, long-term stewardship offers a superior path forward. By partnering with Cojourn, you’re not just selling your business—you’re ensuring its legacy endures.