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  1. Home
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  3. Succession Planning for Small Businesses

Succession Planning for Small Businesses

Posted by Ben Smith on August 3, 2017

Ben Smith Ben Smith

Fact:  12 million baby boomers will attempt to transition from their workplaces in the next five to 10 years.  This has significant meaning for the millions of families who could be impacted if business owners are not taking the steps to prepare their businesses for the mass transition.

Projection:  There are nearly 80,000 million US baby boomers, so if we assume a typical rate of retirement, this population will retire at a rate of more than four million per year through 2029.  With approximately 28 million small businesses, more than 70% will change hands in the near future, as most of these small businesses (defined by the Small Business Association as independent businesses with fewer than 500 employees) are family owned.  Experts estimate that up to 60% could be acquired by third parties.

As the data suggests, and as we have seen among our own clients, a large concern for many small business owners is succession planning.  Clayton & McKervey has worked with many small and family owned businesses as they navigate through these transition periods, and has helped clients prepare for a potentially dramatic shift.  Our firm understands the risks of succession planning and we help our clients mitigate those problems before problems arise. Having a plan is the key to navigating these transitions, no matter which exit strategy you may be considering. Are you ready?

For more information on succession planning, contact Clayton & McKervey.

Our team is always ready to help.

Please contact us for more information.

Ben Smith

Ben Smith

Senior Manager, Consulting

Contact Ben   |   Read Ben's bio

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Succession Planning for Small Businesses

Posted by Ben Smith on August 3, 2017

Ben Smith

Fact:  12 million baby boomers will attempt to transition from their workplaces in the next five to 10 years.  This has significant meaning for the millions of families who could be impacted if business owners are not taking the steps to prepare their businesses for the mass transition.

Projection:  There are nearly 80,000 million US baby boomers, so if we assume a typical rate of retirement, this population will retire at a rate of more than four million per year through 2029.  With approximately 28 million small businesses, more than 70% will change hands in the near future, as most of these small businesses (defined by the Small Business Association as independent businesses with fewer than 500 employees) are family owned.  Experts estimate that up to 60% could be acquired by third parties.

As the data suggests, and as we have seen among our own clients, a large concern for many small business owners is succession planning.  Clayton & McKervey has worked with many small and family owned businesses as they navigate through these transition periods, and has helped clients prepare for a potentially dramatic shift.  Our firm understands the risks of succession planning and we help our clients mitigate those problems before problems arise. Having a plan is the key to navigating these transitions, no matter which exit strategy you may be considering. Are you ready?

For more information on succession planning, contact Clayton & McKervey.

Our team is always ready to help.

Please contact us for more information.

Ben Smith

Senior Manager, Consulting

Contact Ben   |   Read Ben's bio

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How to Calculate R&D Tax Credits

As we’ve seen in the first two installments of this series, business owners often miss out on the R&D tax credit opportunity and the bottom-line infusion it can provide. Many…

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Media Contact: Denise Asker, dasker@claytonmckervey.com; 248.936.9488 Southfield, Mich.—February 17, 2021—Clayton & McKervey, a certified public accounting and business advisory firm helping growth-driven companies compete in the global marketplace, is excited…

Read full story

Misconceptions About the Research & Experimentation Tax Credit

As companies put more emphasis on Industry 4.0 and business processes become more automated and accessible, the opportunities for Research & Experimentation tax credits increase. The Research and Experimentation (R&E)…

Read full story

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