The Future of Main Street Business Succession In 2001, veteran investment banker, Peter Christman, first identified the need for a holistic approach to preparing owners of midmarket businesses for sale and/or exit. He set about writing a book to address this. At the time, the first Baby Boomer was 56 years of age. Those Baby Boomers are now not so young. In this article, the author shares his impression of the challenges Main Street business owners and business succession advisors face developing a plan and executing the exit plan. A Brief History Depending on how you mark the start date,…
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Time to Check-in and Frankly Address those Emotional Issues Seller’s remorse is real and not being emotionally prepared to transition the business is as dangerous as the value and financial matters. The emotional component of the sale/transition is worth considerably more than the money you will receive for the business. In this article, Edwin Mysogland shares the importance of addressing the emotional issues that arise when small business owners transition out of the business.
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Owners: Don’t Exit Before You’re Ready, Lock Yourself In, or Count on Future Consulting There is no single formula that will result in a happy retirement for business owners. Over 75 percent of business owners say they regretted selling their companies a year after the sale, according to a PwC study entitled “Whose Business is it Anyway?” But there are ways to improve the chances that consultants can help owners exit their business successfully and enjoy a rewarding retirement, writes Richard Jackim, attorney and co-founder of the Exit Planning Institute. Here are common exit planning mistakes consultants can help business…
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When Planning a Business Sale, Be Sure to Consider Personal Goals, Consistency, Salability, and Tax Implications Solid exit planning ensures that a business will realize top value when the owners are ready to move on. How can business owners determine which strategies to focus on today to best build long-term growth? It may depend on which exit option the owner ends up pursuing. Here are nine options to consider, and a four-step process to put in place.
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Who Are America’s Wealthiest People? Small- and medium-sized businesses are the engines that drive the American economy. An IRS study of everyone who died with a net worth of at least $600,000 (and thus was required to file an estate tax return) showed America’s wealthiest citizens all have one thing in common: they all held significant blocks of stock in closely held private companies. In a nutshell, the surest way to get rich in America is to own a business. Want to know the actual numbers? According to IRS reports, over six million businesses file tax returns each year: 80…
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The Exit Planning Institute Opens Northeast Ohio Chapter The Exit Planning Institute (EPI), NACVA’s Exit Planning partner and issuer of the Certified Exit Planning Advisor (CEPA) credential, has opened a new chapter that will be serving the Cleveland and Akron region in Northeast Ohio. The chapter president will be Christopher M. Snider, a partner at Aspire Management in Cleveland. Christopher M. Snider, CEPA and Exit Planning Institute Northeast Ohio Chapter President The chapter currently has approximately 30 members. Its mission is to build collaboration among professional advisors in order to promote common business interests, develop educational events for business owners and…