02 Dec 2016

Ohio member firms launch BRIGHT IDEA series

MSI's Ohio members Corrigan Krause and Weston Hurd LLP launched BRIGHT IDEA (Informative Discussion. Exceptional Advice) series on Thursday 10 November. The programme is designed to address topics that are important to the well-being of a closely-held business.

With two-thirds of businesses in the United States owned by entrepreneurs over the age of 50 and an estimated 10 million business owners retiring within the next 10 years, “Business Tips for Succession Planning and Business Valuation,” served as the natural topic for the BRIGHT IDEA inaugural program. Moderated by Weston Hurd's partner, Gary Johnson, speakers at the presentation included Ludgy LaRochelle and Dana Rose from Weston Hurd and Mike Bigrigg from Corrigan Krause. Presenting to a group of closely-held business owners, the speakers discussed the importance of proper succession planning, including case studies and common issues faced by business owners when it comes time to transition out of their closely-held business. The most important themes included:

Start succession planning early before a triggering event forces the need for one.
Update the plan regularly since an estimated 35% of businesses will not sell due to poor succession planning and less than 1 in 4 closely held businesses have a formal succession plan in place.
Consult trusted legal and accounting advisors to help plan for a lucrative and successful transition of business.

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