Speaker: H. Barry Goodman, CPA, SVA
Topic: Transition of Family Business - Perils and Challenges
MCLE, CFP and CPE credits are approved for this session.
Baby Boomers are beginning to reach retirement age. Many of the 10,000-people turning 65 each day own family businesses that are usually their largest asset—and not a liquid one. In addition, many owners and their families haven’t prepared for what’s next, so their businesses aren’t ready to transition to the next leader. Surveys have found that over 80% of business owners have no transition plan which puts their business, stakeholders and family in great jeopardy.
Whether business owning families are planning a transition a few years after starting the business or a transition to a 3rd generation, the issues are very similar. Goodman will address:
- Current state of the greatest transfer of wealth in history
- Challenges facing most family businesses
- The perils of failing to plan a transition
- What and who is involved in a successful business transition
- Why certain companies are worth more than others
H. Barry Goodman, CPA
Barry grew up in a business owning family but chose not to go into the family business. He became a Certified Public Accountant and owned his own CPA firm for over 15 years. He then did his own transition to be a partner in a firm that grew to become one of the most successful middle market CPA firms in Chicago. He gained a reputation for his insights into a business’ strengths and challenges and identifying what could hold it back or push it to the next level. The lessons learned from the business owning families Barry served, enabled him to gain a reputation for recognizing a business’ strengths and challenges and identifying what could hold it back or push it to the next level. Seeing business owners make good and poor business and transition choices, made Barry realize that he had a passion for families-in-business, and decided to focus his expertise and hands-on experience on a disciplined approach and process tailored to families and non-family stakeholders.
Barry then decided to focus the expertise he developed and hands-on experienced and formed Birkdale Transition Partners LLC. In 2017 Birkdale merged to form SVA Value Accelerators, a national consulting firm that solely works with closely held businesses to successfully transition their business, enhance value and achieve desired outcomes.
Thank you to our Sponsor
- Networking begins at 7:15 a.m.
- Breakfast served at 7:30 a.m.
- Speaker Presentation at 8:00 a.m.
- Meeting concludes at 9:00 a.m.