Family-owned businesses are the heartbeat of the American economy. They employ nearly half of the nation’s workforce and generate over 43% of GDP, according to the U.S. Chamber of Commerce. But despite their importance, many family business owners overlook essential planning that could shape their futures profoundly. Waiting to address the next phase of your business could force you to make a choice different from your desires.
At Carlson Investments, we’ve guided family businesses through crucial decisions for over 35 years. Whether your vision is to expand your operations, smoothly pass the torch to the next generation, or prepare your company for sale, our experienced advisors are here to provide clarity, confidence, and actionable insights.
How to Successfully Grow Your Business
- Invest in Talent: Attracting and developing skilled employees, both internally and externally, ensures your business remains competitive and innovative.
- Strategic Planning and Financial Management: Implement structured budgeting, planning, and reporting systems to foster growth and profitability.
- Explore Mergers and Acquisitions: Look proactively for partnership opportunities or strategic acquisitions that align with your long-term vision.
Planning a Smooth Transition
- Clear Succession Plans: Define your timeline, successor choices, and financial requirements. Transparency and thorough planning are key.
- Separate Personal and Business Finances: Small and lower-middle market business owners typically hold 80% of their net worth in their companies, according to the Exit Planning Institute. Clearly separating personal assets simplifies succession and ensures stability.
- Prepare Transparent Financial Statements: Accurate, clear financial records ease transitions, whether internally or to external buyers.
Preparing for a Strategic Sale
- Exit Planning: With over 60% of business owners planning transitions in the next decade, according to the Exit Planning Institute, early preparation is essential. Know your exit goals clearly.
- Valuation Expertise: Understand your business’s worth today and its potential value tomorrow. Professional valuation ensures you receive realistic values.
- Build a Trusted Team: A seamless sale involves experts who understand your unique business needs, including:
- CPA or Accountant
- Financial Advisor
- Business Consultant
- Trusted Attorney
Carlson Investments serves as your financial quarterback, orchestrating collaboration among seasoned professionals who share our commitment to your best interests.
As John Prieto from ACRES Business Brokers aptly describes: “The greatest transfer of wealth in human history is happening now. Over the next 20 years, approximately $84 trillion in assets will shift from Baby Boomers and the Silent Generation to heirs and philanthropic efforts—much of it tied up in privately held businesses that lack clear succession plans. This transition isn’t approaching—it’s underway.”
Ready to Take the Next Step?
Carlson Investments isn’t just another financial advisor; we’re your partners in ensuring your family business thrives through every pivotal stage. Contact us today to explore how our independent, fiduciary-driven guidance can transform your business aspirations into reality.
Carlson Investments does not provide tax, legal, or accounting advice. This content has been written for informational purposes only. Always consult your individual tax, legal, or financial professionals for advice tailored to your situation.
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