A large fraction of all privately owned businesses will be exited through either succession or sale during the next decade. Yet, most entrepreneurs are currently NOT deeply engaged in a transition and succession planning process. Most indications confirm that personal, family and psychological factors deter business owners from getting started on this critical planning. Most wait until very close to the actual succession point to decide on a succession plan. Some family business owners are hoping to create a lasting legacy, but “a hope is not a plan”. Some may be creating devastating consequences due to the absence of a plan which results in a lack of communication between the owner(s), successors, key management and family.
Consider making 2015 the year you get started by creating a well-defined mission and plan for the future of your company.
The Beringer Group is nationally recognized as a thought leader in advanced business transition planning. The private business and family enterprise has been our core clientele since 1979.