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Have you come up with a plan for who will take over your business when you retire? Have you shared your plan with anyone else? There are many risks for small business owners when it comes to transitioning their business, whether to a family member, employee or through a sale. Unfortunately, family businesses experience high failure rates, especially during periods of generational transition. Anywhere from 50 – 70% of businesses don’t survive after the first generation retires. How do you prepare, and what are the major “what if’s” to prepare for? Listen to Les Szarka, CEO of Szarka Financial, as he discusses some of the financial issues related to transitioning a business as you prepare for retirement.
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