Mark Osborne explains why small businesses need succession plans. Most owner-dependent businesses fail when the owner leaves, but finding a successor like a general manager or strategic buyer keeps jobs and commerce alive. The Exit Planning Institute, led by Scott Snyder, helps businesses prepare for this transition.
of the things that, you know, we don't want just the small business to be sold and then that business doesn't continue on. Like you said, a lot of times the business is the owner itself. So that owner is going to have to find— maybe it's a general manager or somebody internally, or if they're to sell to another business and they take it over, that's strategic-wise. But I think that, you know, we as a community of advisors, and I think we even just as society, we want to see that business continue on, right? You've got to $50 million business with 50 employees. If that owner walks away and they were the only one that was really involved in doing a lot of the work, that business is going to fail. And we, we want to still have that commerce, right? We want those people to be employed, pay taxes, you know, do commerce. So, you know, I'm very involved with— and we'll probably talk about this— something called the Exit Planning Institute. Yeah. We have a local chapter here. Well, the National Exit Planning Institute, Scott Snyder is the president.
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