The 2023 National State of Owner Readiness Report examines the preparedness of U.S. business owners for exiting their companies, comparing data from 2013 and 2023. The report reveals increased education and awareness of exit planning strategies among owners, particularly younger generations. Key findings highlight improvements in business, personal, and financial planning, although significant gaps remain, especially among Baby Boomers. The study underscores a substantial wealth transfer opportunity and offers recommendations for both business owners and their advisors to improve transition readiness. The report uses the “Three Legs of the Stool” framework (business, personal, financial) to analyze owner preparedness.
For more on selling and exiting your business in Tampa Bay Contact Tampa Business Broker Michael Shea at 321-287-0349