Will Your Business Be A Legacy or Liability?

A business transition plan reduces the risks business owners face.

If you are a business owner born between 1945 and 1965 you are facing a buyer’s market if you sell you business. Will your family be rewarded or ruined by your business?  Small business owners are not typically aware of the liabilities that they face if something were to happen to them that impacts their ability to run their business.

If you or a family member is over 55 and owns a business, you are in the business “red zone”, a period when you need to seriously consider preparing a business transition plan to assure your financial future and that of your family. We help small business owners learn how to protect themselves and their families from hidden risks that could destroy the wealth that they have created.

The facts:

5 million businesses will be for sale in the next 5 years.
75% of these businesses will NOT sell.
41% of owners plan to pass their business on to family
70% of inherited businesses WILL fail.

What you can do:
A business transition plan can maximize the sale price of your business,
protect your family from risk, and assure business continuity after transition.

My Experience with an Unplanned Business Transition

Several years ago I was working with a client who owned a small chemical research company in Cincinnati, Ohio.  He had a partner who was in Salt Lake City and was the business side of the team.  The owner was Dr. William Vanooij, a professor from the University of Cincinnati who started the business with his partner in 2003.  Dr. Vanooij was world renowned in his field, and the key technical person in the company.  The business was built on his shoulders. Shortly after I started working with the company he got cancer and died a year later.  At the time I was advising the owners on business strategy and was familiar with the operation and business strategy. Little did I know …  more

What you need to know to avoid risky business transitions:

  1. How to assess your level of preparedness
  2. Why you need a transition plan.
  3. The key elements of any transition plan
  4. Who to put on your planning team.
  5. How to maximize the value of your business.
  6. Issues specific to partnerships and families
A Dayton Daily News Article on Exiting A Business Click on the photo to read the article

Read A Dayton Daily News Article on Exiting A Business Jan. 24, 2015
Click on photo to read

 

 

 

 

 

 

 

The following presentation will help you understand the importance of a plan, why you may not have one, and how to get started with a business transition plan for your small business.

Introduction to Business Transition Planning

For a review of your needs complete the following evaluation which will determine your readiness to sell or transition your business.