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The Pitfalls of Failing to Plan: Why Business Owners Must Have an Exit Strategy

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Manage episode 419929515 series 3322723
Content provided by Findlay-Hancock County Chamber of Commerce. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Findlay-Hancock County Chamber of Commerce or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

About the Guest:
Jason Harris specializing in succession and exit planning for business owners. As an advisor with Equitable Advisors, Jason brings expertise to the conversation about preparing businesses for transition and ensuring continuity.
Episode Summary:
In this episode of Chamber Amplified from the Findlay-Hancock County Chamber of Commerce, host Doug Jenkins sits down with Jason Harris to discuss a pressing and inevitable shift in the business landscape -- the looming massive wealth transfer from when current business owners decide to retire. With a large portion of small business owners nearing retirement and lacking succession plans, the episode delves into the ramifications of being unprepared for business transition.
Key Takeaways:

  • The large-scale retirement of business owners poses a significant challenge for succession and wealth transfer.
  • Ideal exit planning should start at least three to ten years before retirement, if not continually throughout business ownership.
  • Business owners can be categorized as "lifestyle owners" or "value creators," impacting the saleability of their business.
  • Inadequate planning could result in significant financial loss, business closure, or unfavorable sale conditions.
  • Community and employee legacy are critical considerations in the transition planning.

Resources:

Music and sound effects obtained from https://www.zapsplat.com

  continue reading

117 episodes

Artwork
iconShare
 
Manage episode 419929515 series 3322723
Content provided by Findlay-Hancock County Chamber of Commerce. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Findlay-Hancock County Chamber of Commerce or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

About the Guest:
Jason Harris specializing in succession and exit planning for business owners. As an advisor with Equitable Advisors, Jason brings expertise to the conversation about preparing businesses for transition and ensuring continuity.
Episode Summary:
In this episode of Chamber Amplified from the Findlay-Hancock County Chamber of Commerce, host Doug Jenkins sits down with Jason Harris to discuss a pressing and inevitable shift in the business landscape -- the looming massive wealth transfer from when current business owners decide to retire. With a large portion of small business owners nearing retirement and lacking succession plans, the episode delves into the ramifications of being unprepared for business transition.
Key Takeaways:

  • The large-scale retirement of business owners poses a significant challenge for succession and wealth transfer.
  • Ideal exit planning should start at least three to ten years before retirement, if not continually throughout business ownership.
  • Business owners can be categorized as "lifestyle owners" or "value creators," impacting the saleability of their business.
  • Inadequate planning could result in significant financial loss, business closure, or unfavorable sale conditions.
  • Community and employee legacy are critical considerations in the transition planning.

Resources:

Music and sound effects obtained from https://www.zapsplat.com

  continue reading

117 episodes

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