A succession plan is developed by a company to detail how the owner will transition over a period of time out of the company's day to day operations. Succession planning differs slightly from "exit planning". Succession planning is based on potentially transferring the owner's role internally to a family member already employed in the... Read more
Takeaway:The middle market represent one-third of private sector GDP and employ approximately 25% of the total labor force. Yet, it is estimated 70% of mid market businesses can never be sold. Michael Nall, Founder of the AM&AA, provides his insight on this concerning statistic.
Tags: Deciding to SellEntrepreneurMaximize ValueEmotional AspectsReadinessExit PlanningInvestment BankersExpectationsExit StrategyBusiness Brokers Related Terms: Exit StrategyExit ChannelsMultipleMiddle MarketUpper Middle Market
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Noah Rosenfarb, CPA/ABV/PFS has devoted his career to advising business owners on all things related to money. He is a Personal CFO and Holistic Wealth Coach at Freedom Business Advisors, which provides middle market business owners guidance on how to successfully transition out of the management and or ownership of their company. Mr. Rosenfarb is the author of EXIT: Healthy, Wealthy and Wise and co-hosts the Divestopedia podcast where he is both a contributor and Advisory Board member.
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