Finding a successor to take over a business is an underestimated challenge, according to a recent study on succession planning by Stanford University’s Graduate School of Business.
Did you know that more than half of the small business owners in the United States are at least 50 years old or older? In the U.S. alone there are 28 million small businesses (fewer than 500 employees) and over 22 million self-employed business. According to CNBC surveys, it is believed that 80% of small-business owners plan to sell their business to fund their retirements, however only 30% percent have a written succession plan. At MKS&H, we work with our clients to be prepared, so here are our top 5 successful succession tips that will benefit small-business owners:
October marks the beginning of the MLB playoffs. It’s an exciting time in the world of sports, especially if you live in Maryland. I don’t follow the team stats and line-up details like the majority of my peers, but somehow I always find myself involved in these passionate discussions. Typically, they often lead me to entertain my thinking around my clients’ business line-up.