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Exit Planning Articles by Mark Hegstrom, AIF, CEPA, CPFA/span>
Mark Hegstrom, AIF, CEPA, CPFAPrincipal, Business Owner Success Strategies (BOSS)
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Mark Hegstrom is a Certified Exit Planning Advisor. He helps business owners plan for what may be their single largest lifetime transaction: the transfer of their business and transition into retirement. He works with business owners who are coachable, resourceful and decisive. Mark helps business owners assess their personal readiness for exit, financial readiness to exit, and business attractiveness. Most business owners believe it is a good idea to have a written plan so he creates written Exit Plans. Mark provides education and thought leadership in the area of exit planning and is currently the president of the Exit Planning Institute, Twin Cities Chapter.
Recent Articles posted by Mark Hegstrom, AIF, CEPA, CPFA
| Recent Articles posted by Mark Hegstrom |
The House of Gucci Succession Plan The Gucci brand started with two brothers who own the family business equally. Each brother had a son, and each son was to inherit the empire. One of the sons was a ne’er-do-well, who always attracted and found trouble. Despite nobody ever giving him a chance, the viewer could tell his successor ownership was doomed. The other son married the woman who was played by Lady Gaga. The story progresses through time as one of the fathers die and the other goes to jail while the wife rises to power and greed. To complicate the succession plan, lavish lifestyles, poor business decisions, children and divorce ensue. Why You Can't Sell Your Business Overnight Business owners are often told they need to get ready to sell their business, why can’t they just up and sell it? The short answer is that they are unlikely to sell it. Listing the business may be easy, getting someone to buy it, that’s the hard part. According to the Exit Planning Institute, only some 20-30% of businesses sell today. Business Succession Planning Is There Life After Death? Consider this scenario: You’re part owner of a thriving small- to medium-sized business. You handle certain key responsibilities and rely on your partner to handle others. While your partner is away on business, the phone rings. The shaky voice at the other end of the line informs you that your partner has been fatally injured in a car accident. You’re grief-stricken. At the same time, you realize many people—you, your family, your partner’s family, your employees, customers, and creditors—depend on the uninterrupted continuation of your business. You know you should have planned for this. . .but you just never found the time. What If I ... Read more |