07: Financial Succession Planning - Brian Baum, Business Transition Group

05/26/20 • 43 min

1 Listener

Listen in as Laurie Barkman speaks with Brian Baum, President of The Business Transitions Group. For business owners not yet familiar with exit planning, Brian de-mystifies how financial succession planning works so you can take a proactive approach for your future.

Show content:

phases of transition and exit planning
fundamentals of business valuation
de-risking the business
role of external advisors

Episode links:

Brian Baum LinkedIn
Business Transition Group
Exit Planning Institute Pittsburgh Chapter

Recorded on Squadcast.fm

Show content:

phases of transition and exit planning
fundamentals of business valuation
de-risking the business
role of external advisors

Episode links:

Brian Baum LinkedIn
Business Transition Group
Exit Planning Institute Pittsburgh Chapter

Recorded on Squadcast.fm

Previous Episode

06: Succession and Innovation as 6th Gen Entrepreneur with Michael Schoedinger and Jill Hofmans

1 Recommendations

On this episode, Laurie Barkman was joined by Michael Schoedinger, President of Schoedinger Funeral and Cremation Service, a 6th generation company; and Jill Hofmans, Executive Director of The Conway Center for Family Business in Columbus, Ohio.

Some takeaways:

It’s never too early to start succession planning. Succession is going to happen and the process can take 3-7 years to put everything into place.

Leadership succession and financial succession are equally important, but totally different from a succession perspective.

The succession journey regarding relationships and authority is the hardest part, especially if you have to fire your grandpa.

Look for opportunities to innovate when there’s a market opportunity to build upon your legacy business.

Show Links:

Jill Hofmans LinkedIn

The Conway Center for Family Business

Michael Schoedinger LinkedIn

Schoedinger Funeral and Cremation Service

YPO Young Presidents Organization

Grantor Retained Annuity Trust (GRAT)

Recorded on SquadCast.fm

Next Episode

08: Addressing the Transition Dilemma - Joe Bute, Hollymead Capital

1 Recommendations

When there is no successor within the family, how do owners move to the next level of finding someone to buy and operate the business?

On this episode, listen in as Laurie Barkman speaks with Joe Bute, Managing Partner of Hollymead Capital, as he shares his strategies for investing in family-owned companies, considering liquidity options, avoiding ownership transition pitfalls, and staying resilient through challenging times.

Show Links:

Follow Succession Stories Podcast on LinkedIn

Recorded on SquadCast.fm