During recent “Zoom” meetings, I’ve heard talk from other business advisor colleagues that the pandemic is leading many baby boomer business owners to finally consider succession planning for their businesses. For many, many years now, we’ve heard talk of the wave of business transfers that are ‘about to take place.’ Yet, nothing seems to have moved the majority of boomers to make the transition.
I have a few theories on why this is the case, but there’s one thing I am certain of: effective business succession is something that takes time to put into motion.
In December, we helped Bill Fulton sell his franchised auto service business. Bill was great to work with, in part because he’s a great guy, but also because he had succession on his mind early on.
Recently, I interviewed Bill about his succession. A link to that video is below. If you’re thinking of succession – and you should be no matter what stage you’re at – this video is worth your time. You get to hear directly from a business owner that completed a successful transfer and is looking towards the next stage in his life.
When you’re finished, please let me know your thoughts about the video and your questions.
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