We work with many trusted advisors. These include CPAs, financial advisors, insurance advisors, attorneys, M & A advisors, strategic planners, and management consultants, amongst others. These advisors have asked us to work with them and their business owner clients to address the specific actions needed to achieve a successful transition and future exit. This page contains information which advisors can use with business owners they represent.
Eventually, every business owner will exit his or her business – whether voluntarily or otherwise. At that time, every owner wants to accomplish certain personal, financial, business and estate planning goals. Most fail to do so.
We have all heard the statistics on how few family businesses make it to the second or third generation and how many implode in the first generation. The Small Business Administration reports that the “primary cause for failure . . . is lack of planning.”
Efforts by business owners to exit their businesses have been, on average, less than satisfying. Some studies show that over 75% of former business owners regretted the decision to exit their company because the exit did not accomplish their personal or business objectives. What was the reason the business owners gave? They did not understand all of their options, so they didn’t make informed decisions.
This is no small issue for business owners and their families in our country. Cornell University economist and demographic expert Robert Avery has predicted that baby boomers will transfer $10 trillion to later generations. The Exit Planning Institute reports that the vast majority of this wealth is stock in more than 12 million closely held companies and that during the next ten to fifteen years more than 70% of these businesses are expected to be transferred.
There are over 100 different Transition, Succession and Exit Planning tools and techniques we utilize as part of approximately 40 exit strategies which business owners are very successfully using. These strategies provide the missing components, the presence of which equips business owners to achieve a successful future exit from his or her business. These tools and techniques can help assure that they can successfully enhance and protect their current and future business profits and value, as well as successfully pass on or sell their business upon their retirement, disability or death.
Many of you have provided me with your input and ideas from each of your perspectives on how to assist business owners with a successful transition and exit from their businesses. This page contains some information which you are welcome to print for use with your business owner clients and colleagues.
I want to thank you for trusting me to work with you and your business owner clients over the years. I look forward to continuing to work with you as we assist business owners around the country in meeting the hopes and dreams they have for achieving a successful outcome.
Advisor Resources
Transition Growth Plan
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To discuss a referral or referral relationship, please contact us:
Nick Niemann
McGrath North Law Firm
(402) 633-1489
To contact Nick via email, click here.
