Transition of Family Businesses – Perils, Value Drivers and Killers
Baby Boomers are beginning to reach retirement age. Many of the 10,000-people turning 65 each day own family businesses that are usually their largest asset—and not a liquid one. In addition, many owners and their families haven’t prepared for what’s next, so their businesses aren’t ready to transition to the next leader. Surveys have found that over 80% of business owners have no transition plan which puts their business, stakeholders and family in great jeopardy.
Whether business owning families are planning a transition a few years after starting the business or a transition to a 3rd generation, the issues are very similar. Goodman will address:
· Challenges facing most family businesses
· The perils of failing to plan a transition
· What and who is involved in a successful business transition
· Why certain companies are worth more than others
About the Presenter
Presenter: Barry Goodman
Organization: SVA Value Accelerators, LLC
Barry grew up in a business-owning family but chose not to go into the family business. He became a Certified Public Accountant and owned his own CPA firm for over 15 years. He then did his own transition to be a partner in a firm that grew to become one of the most successful middle market CPA firms in Chicago. The lessons learned from the business-owning families Barry served, enabled him to gain a reputation for recognizing a business’ strengths and challenges and identifying what could hold it back or push it to the next level. Seeing business owners make good and poor business and transition choices made Barry realize that he had a passion for families-in-business, and decided to focus his expertise and hands-on experience on a disciplined approach and process tailored to families and non-family stakeholders.
Barry then decided to focus the expertise he developed and hands-on experienced and formed Birkdale Transition Partners LLC. Birkdale recently merged to form SVA Value Accelerators, the largest consulting firm that solely works with closely-held businesses to successfully transition their business, enhance value and achieve desired outcomes.
To better service his clients, he has invested heavily in education. In addition to a degree from Northern Illinois University and being a Certified Public Accountant in Illinois. He became a Certified Exit Planning Advisor (CEPA) in 2010 and Certified Merger Acquisition Advisor (CMAA) in 2014. He most recently earned an Advanced Certificate in Family Business Advising (ACFBA) bestowed from the Family Firm Institute. Barry speaks regularly to organizations and business groups on Value Acceleration and Transition-Readiness. He has written an eBook, several articles, and published in the Family Firm Institute ePublication, FFI Practitioner.