Transaction Support

Succession Planning for Small Businesses

Posted on August 3, 2017 by

Ben Smith

Ben Smith

Share This

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.

Ben Smith

Shareholder

Calm & discerning, Ben is a shareholder in the firm’s consulting practice, working to optimize results for middle-market clients.

Related Insights

Digital Advisory Services

Using Standardization for Anything-But-Standard Results

Posted on June 29, 2022 by

Elly Mioduszewski
Running your business is hard, but how it’s run can be made easier. Implementing standardized work processes can provide you and your team with more time to look at results so you can determine where to go next—rather than spending unnecessary time capturing and correcting routine activity. 

Tax & Assurance Guidance

Understanding Your Cash Flow is Important-Here’s Why

Posted on June 24, 2022 by

Dave Van Damme
Managing cash flow in a business should go far beyond ensuring that you have funds available to pay your current bills. While that’s a threshold every new business should meet, developing deeper cash flow management skills is necessary to scale your business and prevent unnecessary stress. 

International Businesses

Teresa Gordon Selected for Select USA Mentorship Program 

Posted on June 24, 2022 by

Clayton & Mckervey
C&M Shareholder Teresa Gordon will be participating in SelectUSA’s Select Global Women in Tech (SGWIT) Mentorship Network.

Sign up for our newsletters

Get business and industry-specific news and knowledge straight from our consultants and accounting specialists.

The Sound of Automation Podcast

The Sound of Automation Podcast

Industrial automation businesses are the driving force behind Industry 4.0, and Clayton & McKervey is here to help.

Insights & Perspectives

Using Standardization for Anything-But-Standard Results

Running your business is hard, but how it’s run can be made easier. Implementing standardized work processes can provide you and your team with more time to look at results so you can determine where to go next—rather than spending unnecessary time capturing and correcting routine activity. 

Read More

The Sound of Automation Podcast

Industrial automation businesses are the driving force behind Industry 4.0, and Clayton & McKervey is here to help.

Skip to content