The Silver Tsunami: Can Your Business Survive Without You?

Show notes

Millions of baby boomer-owned businesses are expected to change hands over the next decade. It's being called the “silver tsunami,” and for business owners, it raises an important question: When it's time to step away, will your business be ready?

In this episode of the Prestige Perspective, Mark Clark, CFP® and Logan Clark discuss the coming wave of business transitions and why succession planning shouldn't wait until retirement is around the corner. From unexpected departures and business valuations to tax strategies and preparing the next generation, they explore what it takes to protect the business you've built, the people who depend on it and the legacy you want to leave behind.

In this Episode:

• The “silver tsunami”: why an estimated 2.3–3 million baby boomer-owned businesses could change hands over the next decade
• Four questions every business owner should ask about succession planning — including what happens if you can't show up tomorrow
• Why succession planning affects more than the owner, from key employees and management to families who depend on the business
• Preparing for the unexpected: how disability insurance, life insurance and dedicated financial reserves can fit into a broader transition plan

• The five Ds that can disrupt a business exit: divorce, disability, disagreement, economic distress and death
• Why having a written succession plan isn't enough if it hasn't been reviewed, updated or aligned with the business's valuation
• How overlooking business-owned real estate in a buy-sell agreement can create unexpected complications
• Business valuations and tax implications: why transferring ownership to family may require a different strategy than selling to an outside buyer
• Family succession, key employees, outside buyers and ESOPs — and why your expected successor may not be ready or willing to take over
• The difference between empowering the next generation to lead and expecting them to follow the founder's exact vision
• Why coordinating with your CPA and financial advisor can help uncover planning opportunities beyond investment management and annual tax preparation
• How preparing your business to operate without you could make it more attractive to potential buyers as more businesses enter the market
• Why the best time to start planning your exit is long before you're ready to leave

Have a question, thought, or just want to learn more? Email us at hello@prestigeadvisors360.com or schedule a free conversation with us today!

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Disclaimer: This content is for educational and informational purposes only and does not constitute tax, legal, investment, or financial advice. Prestige Perspective is a general discussion of concepts and strategies that may not be suitable for your specific situation. Tax laws and regulations change and apply differently to each individual, and nothing here should be relied upon as a recommendation. Past results do not guarantee future outcomes. Consult a qualified tax, legal, or financial professional before acting on anything discussed. Prestige Advisors, Inc.