This podcast, presented by Michael Shea from Transworld Business Advisors, provides an overview of owner readiness for business transition and exit planning. Data suggests that while a significant majority of baby boomer owners intend to sell in the next decade and agree that a transition strategy is important, a large percentage are currently unprepared, lacking advisory teams, written plans, or contingency strategies. The document highlights common readiness issues across personal, financial, and business aspects, such as loss of identity post-transition, reliance on business income, and lack of documented financial information. Finally, it offers a detailed Owner Preparation Checklist outlining necessary steps, including establishing goals, creating a transition advisory team, completing valuations, and designing a post-business life plan.
https://open.spotify.com/episode/5AEWxc4fWaIfLExdqohcOe?si=hxj5dipeR7mjKDX_PtbPEQ
Michael Shea represents the Tampa Florida Transworld office. In business since 2005, he has established a reputation as a trusted business broker across Florida’s key markets- from Tampa to Orlando, Melbourne, and more. Over the past two decades, Michael and his team have closed over $1 Billion in sold business volume and presided over more than 450 transactions. His credentials include the IBBA Certified Business Intermediary®, and most recently, the prestigious Certified Exit Planning Advisor® (CEPA) credential.