Blog Library

70 is the New 50: Aging CEOs Provide Both Opportunities and Challenges for Businesses

Posted by Jane Johnson on Wed, Jun, 12, 2019 @ 11:30 AM

Over the last 15 years, the person occupying the corner office is greyer and staying longer, according to numerous studies. The average age of hire for C-Suite positions has risen 15% since 2005, from an average age of 45 to 54, at the time of hire, according to the Crist|Kolder Associates Volatility Report for 2018.

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Topics: exit planning, succession planning, when should i retire, benefits of older CEO, when should I start my exit plan, Aging CEOS, 70 is the new 50, when should I start succession planning

Big Shoes to Fill – What to Do When Succession Requires More than One Successor

Posted by Jane Johnson on Fri, Mar, 02, 2018 @ 11:01 AM

In our recent article, “Warren Buffet, Mortality, and the Importance of Succession Planning,” we discussed a few aging, high-powered CEOs at publicly traded companies, and the challenge of finding their successors. Two of these stories highlight an interesting challenge when it comes to replacing certain chief executives – sometimes it takes more than one person to replace the skill set, experience, expertise – and even charisma – of the outgoing leader.

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Topics: succession planning, succession, Grooming a successor, family business successors, choosing a sucessor, warren buffett

Baby-Boomer Business Owners Are Still Not Planning

Posted by Jane Johnson on Tue, Jun, 20, 2017 @ 02:03 PM

When you consider that the majority of business owners are baby-boomers, it's surprising that only around 40% of them have a business transition plan in place, according to a recent report from RBC Wealth Management Services

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Topics: baby boomer businesses, estate planning, succession planning, business transition planning, baby boomer business owners, business transition plan

Understanding the Critical Components of a Succession Plan

Posted by Jane Johnson on Mon, May, 29, 2017 @ 05:21 PM

Succession planning involves replacing the current owner in the business using a well-planned transition, so that the business can successfully operate without interruption, regardless of the owner’s continued involvement. This will require a capable and engaged successor and management team who have been sufficiently groomed and mentored, and who are responsible for the overall operation of the business. All of this requires ample time, effort, and tools to develop necessary talent.

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Topics: succession planning, choosing a successor, Grooming a successor, family business successors, succession plan

Choosing and Grooming the Most Qualified Successor for Your Business

Posted by Jane Johnson on Mon, May, 15, 2017 @ 11:04 AM

Ownership transition is the process of transferring the legal ownership of a business from the current owner to the new owner(s). Business succession is the process of transferring leadership from the current CEO to a family member or key employee. Choosing the right successor is probably the most important decision for any internal transition since the company’s future viability and a current owner’s future payments are dependent on the new leader. Let’s look at some of the most important things an owner will need to consider as they look to transition the business internally and begin grooming a successor.

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Topics: succession planning, Grooming a successor, leadership development, leadership training

Successfully Transitioning Your Business to an Internal Buyer

Posted by Jane Johnson on Tue, May, 02, 2017 @ 01:13 PM

Most business owners have the goal that they’ll sell their business one day to a third party for its full value to fund their retirement, but the reality is that very few businesses that go to market actually sell. According to BizBuySell’s recent national report, only one in every five businesses listed for sale actually sold in 2016. While this may sound rather dismal, there are other options for owners. In fact, approximately two-thirds of the business owners we work with choose to transition their businesses internally.

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Topics: succession planning, succession, choosing a successor, Grooming a successor, family business successors

Identifying and Preparing Successors for a Business Transition

Posted by Kathy Richardson-Mauro on Tue, Jun, 21, 2016 @ 03:52 PM

There can be many advantages to selling a business internally, but there can also be some challenges. One of the main challenges is maintaining objectivity about the situation, including your potential successor’s capabilities and whether they align with the needs of the company. If you plan to transition your business internally, make sure that you take the time to properly evaluate your potential successor(s) and develop his or her business and leadership skills well in advance of when he or she will actually take over the business. Some managers are fit for future leadership, and possibly ownership, while some are not. Going from an employee to an owner is an interesting and tricky process that can be a challenge even for the most skilled manager.

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Topics: family business planning, Business Ownership Transition Planning, succession planning, business ownership transition success, choosing a successor, Grooming a successor, passing business to my family', family business challenges, family business successors

Advisor Webinar: Leadership Development for Family Business Successors

Posted by Kathy Richardson-Mauro on Tue, May, 03, 2016 @ 03:16 PM

We would like to invite you to join us for our upcoming BTA Transition Partner Program webinar, The Importance of Strategic Planning and Leadership Development for Next Generation Successors in Family Business Transitions, on Friday, May 13 at 2 pm EST. During this webinar, we will be joined by Marvin L. Smith, President of Deliberate Synergy. We will be discussing the importance of strategic planning and leadership development for next generation successors in family business transitions.

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Topics: free webinar, succession planning, Business advisors for family business, leadership development, business advisor webinar, family business successors

Succession Planning: Why Business Owners Often Don't Get it Right and How You Can – Free Business Owner Seminar

Posted by Jane Johnson on Tue, Mar, 15, 2016 @ 10:23 AM

Successful Transition Planning Institute and Business Transition Academy are pleased to host a free seminar on Thursday, March 17, 2016 from 7 am to 10 am in Burlington, MA: "Succession Planning: Why Business Owners Often Don't Get it Right and How You Can." It's designed for business owners and financial intermediaries who are either contemplating/planning an exit strategy or advising about the same. We will be joined by two experts in the field who will share their experience and recommended strategies with entrepreneurs. You can learn more here: https://www.eventbrite.com/e/business-succession-planning-tickets-22173191613.  

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Topics: succession planning, Business Owner Seminar

14 Key Elements of Successful Internal Business Ownership Transfers

Posted by Jane Johnson on Tue, Jan, 19, 2016 @ 04:00 PM

Selling or transferring your business internally rather than externally generally offers a distinct advantage: you already have an identified buyer or successor with a working knowledge of the business and an interest in acquiring it.

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Topics: Selling Your Business Internally, Internal Transfers, succession planning, internal sale of your business, choosing a successor, selling to your employees, Grooming a successor, passing business to my family'