Steve Cosgrove, Author at Modern Distribution Management

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Posts By Steve Cosgrove

This is the third of three articles in our series on succession planning. This article focuses on the decision to sell to an external buyer, such as a private equity firm or a competitor, and what to consider from a financial and non-financial point of view when deciding which is the best path for your business. This series of articles is not intended to be comprehensive of all of the issues associated with exiting a distribution business.

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Transitioning ownership of a family business is the most important business decision you will make. No challenge has as much potential to amplify the stresses, or conversely, highlight the special advantages of operating a family business.

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Eighty-percent of business owners want to retire in the next 10 years, according to a Business Enterprise Institute survey. Unfortunately, most of those business owners have not actually created a concrete, written plan for their exit strategy.The lack of an exit plan can be problematic. It takes much longer than many distribution owners may expect to prepare their company for a transition. Whether you are planning to sell the business to a third party, pass ownership to the next generation or explore other options, preparing for a transition can take between five and seven years.

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