Business Exit – Transition – Succession Planning … “Watcha Gonna Do?”
Monday, November 20, 2017
For every entrepreneur, at some point they need to come to grips with a very important question. That question is, “what happens to this business if I am killed, disabled, and especially, one day want to retire from – or pass the business to – family, the management team, the employees or a combination thereof?”
On the show today, I have invited three talented friends who work in this space, Joe Strazzeri, Melisa Silverman and Shelley Lightfoot – partners in The Founders Group – to weigh in on the subject. The Founders Group specializes in assisting business owners grow the value of their company and address the many issues involved in selling or transferring a business. Since the time required to make a successful transition or exit is often 3-5 years, planning ahead is critically important. Today, only one in three businesses can be sold. Often, it is not sold for as much as it could have been if the owner had engaged the right team of advisors to assist in the sale or transition.
The team involved to successfully exit or transition a business will not fit into a Yugo! It takes more than just an attorney and CPA, but a highly skilled team of professionals from various disciplines to bring a successful exit to fruition.
What are the obstacles to address and overcome, and who needs to be on the team? Listen in to today’s program and you will find out!