What is the definition of "buy-in"?
There are two important definitions for buy-in in the business sense. One related to the personal aspects of commitment and the other financial.
Personal buy-in is the acceptance of and commitment to a specific concept or course of action. We hear the term used often in the context of people agreeing to accept something and provide their support. Trying to get something done through or with others without their "buy-in" can be very difficult. Good leaders and managers know how to obtain buy-in from their stakeholders.
A financial buy-in is a payment made to join a business such as a partnership. A new partner makes a buy-in payment as a contribution of capital to the business to achieve parity with other partners of equal status. A management buy-in is a variation of the management buy out. In this case the management are coming from the outside and buying in.
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