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Preparing Your Business for a Successful Ownership Transition
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About the Guest:
Mark Dorman is an expert in business succession and exit planning. He is affiliated with Succession Plus, an organization dedicated to helping business owners transition out of their businesses successfully. With experience in guiding businesses through value maximization and transition processes, Mark has become a trusted advisor to many business owners aiming to retire effectively. Mark also hosts the Finish Big Podcast.
Episode Summary:
In this episode of Chamber Amplified from the Findlay-Hancock County Chamber of Commerce, Doug Jenkins delves into a topic for business owners: the impending wave of retirements as baby boomers look to transition out of their businesses. Doug is joined by Mark Dorman from Succession Plus to explore how business owners can strategically plan for these transitions.
Navigating the future of a business post-retirement requires careful planning. With over half of privately held businesses expected to change hands within the next decade, Mark emphasizes the importance of starting the succession planning process well in advance—ideally three to five years before the intended transition. This episode covers strategies to avoid pitfalls, such as business overvaluation and insufficient preparation for sale. More critically, it examines how to ensure businesses are appealing to potential buyers by reducing risks and optimizing value.
Key Takeaways:
- Long-Term Planning: Begin planning your business succession three to five years before you wish to retire to ensure a smooth transition.
- Business Valuation: Regularly assess your business's worth. Many business owners aren't aware of their business's current market value.
- Reducing Buyer Risk: To attract buyers, work on reducing the risks in your business profile by, for example, diversifying your customer base and reducing owner dependency.
- Maximizing Value: Apart from financial metrics, improving processes and minimizing operational risks can significantly increase business valuation.
- Key Employee Retention: Maintaining a strong leadership core is crucial for attracting potential buyers and ensuring continuity once the owner exits.
Resources:
- Mark Dorman Contact Information: Email Mark Dorman at [email protected] or visit www.succession.plus/us for more information about Succession Plus.
- Phone Contact: Reach Mark directly at 330-416-9271.
Music and sound effects obtained from https://www.zapsplat.com
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By Findlay-Hancock County Chamber of CommerceSend us a text
About the Guest:
Mark Dorman is an expert in business succession and exit planning. He is affiliated with Succession Plus, an organization dedicated to helping business owners transition out of their businesses successfully. With experience in guiding businesses through value maximization and transition processes, Mark has become a trusted advisor to many business owners aiming to retire effectively. Mark also hosts the Finish Big Podcast.
Episode Summary:
In this episode of Chamber Amplified from the Findlay-Hancock County Chamber of Commerce, Doug Jenkins delves into a topic for business owners: the impending wave of retirements as baby boomers look to transition out of their businesses. Doug is joined by Mark Dorman from Succession Plus to explore how business owners can strategically plan for these transitions.
Navigating the future of a business post-retirement requires careful planning. With over half of privately held businesses expected to change hands within the next decade, Mark emphasizes the importance of starting the succession planning process well in advance—ideally three to five years before the intended transition. This episode covers strategies to avoid pitfalls, such as business overvaluation and insufficient preparation for sale. More critically, it examines how to ensure businesses are appealing to potential buyers by reducing risks and optimizing value.
Key Takeaways:
- Long-Term Planning: Begin planning your business succession three to five years before you wish to retire to ensure a smooth transition.
- Business Valuation: Regularly assess your business's worth. Many business owners aren't aware of their business's current market value.
- Reducing Buyer Risk: To attract buyers, work on reducing the risks in your business profile by, for example, diversifying your customer base and reducing owner dependency.
- Maximizing Value: Apart from financial metrics, improving processes and minimizing operational risks can significantly increase business valuation.
- Key Employee Retention: Maintaining a strong leadership core is crucial for attracting potential buyers and ensuring continuity once the owner exits.
Resources:
- Mark Dorman Contact Information: Email Mark Dorman at [email protected] or visit www.succession.plus/us for more information about Succession Plus.
- Phone Contact: Reach Mark directly at 330-416-9271.
Music and sound effects obtained from https://www.zapsplat.com