Summary: 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. Les is Chief Executive Officer, founder and co-owner of Szarka Financial. He has been a financial advisor and retirement planning specialist for over 25 years. Les builds deep relationships with his clients and has a profound commitment to help them reach their financial goals and objectives. Holding dual bachelor’s degrees in finance and marketing from Cleveland State University, Les is a Certified Financial Plannertm (CFP®), a Chartered Financial Consultant (ChFC) and a Registered Securities Principal through FSC Securities Corporation. He is also a member of the Financial Planners Association (FPA). Today's show is sponsored by Vision 21. Vision 21 is an entrepreneur resource center in Northeast Ohio. Visit www.visiontwentyone.org for details.
