Creating a Family Business Center of Excellence
Retiring from a family business can be tricky. How will you protect the assets that you’ve built? How do you seamlessly pass on the business to the next generation? How do you make sure your future is secure while the business is still successful? More family-owned businesses in Arkansas are turning to Manufacturing Solutions for guidance on how to transition ownership to the next generation.
Since 2011, approximately 10,000 baby boomers are turning 65 every day in the United States. This is referred to as the “Silver Tsunami”. Many of these business owners are looking to transition their business to subsequent generations of family members. Unfortunately, a large percentage of these transitions fail. The dilemma for baby boomers is:
- Most plan to transition within the next 10 years.
- A small percentage have a formal, written plan.
- Most don’t know what their business is truly worth or how to significantly impact value.
- Most have most of their net worth tied up in the business.
- Most are counting on the sale of their business to fund all or part of their retirement plan.
Manufacturing Solutions has created a Family Business Advisor Center of Excellence to ensure that any small business, regardless of how rural and remote, can get access to the help they need to survive and thrive through the important transitions in ownership, leadership, and growth. Manufacturing Solutions registered family business advisors work with family businesses to help them change, grow, or transition in any way that makes sense, so they can achieve their goals, whether it’s to change generations or grow a strong business for whatever the future may hold.
Succession Statistics:
- 30% of family businesses make it through to the second generation
- 10-15% through to the third generation
- 3-5% through to the fourth generation
How can you get started?
To find out more about our services, please contact Arkansas Manufacturing Solutions at 501-682-7386, or via email.
