Your ExitMap Blog Contributor
Exit Planning Articles by Mark C. Hegstrom, AIF, CEPA, CPFA
Mark C. Hegstrom, AIF, CEPA, CPFACertified Exit Planning Advisor, Business Owner Succession Strategies
Complete a BOSS Readiness Assessment
Mark Hegstrom works with business owners to create exit strategies. This includes assessing their personal exit readiness, financial readiness, and business attractiveness. Exit planning is good business planning, and it should include both a Succession Plan and a Continuity Plan. We call this work Business Owner Succession Strategies (BOSS). Mark also provides wealth management services as a Managing Partner at Waterfront Financial Group.
Recent Articles posted by Mark C. Hegstrom
| Recent Articles posted by Mark C. 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 |