Exit Strategy Good For Business

Vince Synan with MassMutual (L) was the guest speaker of Rotarian of the Day, Tom Fiordelisi on Feb 23rd.  Vince spoke of the importance of planning for the time when the owner of a company will need to step down, step aside,  or sell the business in order to allow the business to grow.  The fact that over 70% of family owned businesses fail during the first generation and 70% of the 30% fail in the next generation is proof that planning how the succession process will happen is vital to the continuation of that business.  The owner who says "they will have to carry me out feet first" is setting his business up to go out with him.  Micro-managing, second guessing, and holding secrets from vital employees are other ways that cripple small businesses when the owner or principal become incapacitated.

Vince specializes in helping business owners set up successional models to assure the survival of the business when the inevitable happens.