Exit Planning & Succession

Part I of the “All in Family” article series looked at several key considerations for business owners looking to sell to family members. It covered determining company direction, addressing management plans, pricing and more. Once those topics are discussed, an owner must determine the method and…

These topics of conversation may be uncomfortable, but they need resolution before the succession plan materializes. If they are not resolved beforehand, they are guaranteed to surface at the worst possible time.  

This article presents three key considerations for owners as they plan for their exit from a business. They are the Three Elephants in the Room: taxes, succession and planning for what’s next.

When it comes to exiting a business and monetizing the wealth trapped in the company, an owner can consider five general methods of exiting: a sale to an outside party such as a competitor or strategic partner; a sale to a private equity group; a sale to a manager or group of managers in a…

Contingency planning is a critical yet often neglected aspect of protecting a business. This process addresses what will happen to a business, an owner’s business stock, and an owner’s family if he or she dies, suffers illness or injury, or simply chooses to leave the business. It will also…

Business succession is inevitable, but certainly not always well-planned or expected. For a business to survive beyond its current generation, next generation leaders must be willing and able to step up and step into the shoes of a departing owner. This article tells the stories of three industry…

Editor's Note: This article and the feature of Salem Flat Glass & Mirror mark the sixth and final installment of Glass Magazine’s Exit Planning and Succession series. Search this website for "exit planning", to see all articles from this series. Business owners intuitively understand and…

Editor's Note: This article and A New Chapter mark the fifth installment of Glass Magazine’s Exit Planning and Succession series. Search this site for "exit planning" for more from this series. Succession is a critical component of a successful business exit. The process involves replacing the…

Chris Mammen (pictured at top right with his employees), CEO, and third-generation leader of M3 Glass Technologies, says of growing up in the industry: “The more time I spent at the shop, the more I could envision myself as a glass man like my dad and my grandfather. Dad instilled this interest…

Editor's Note: This article is an installment of Glass Magazine’s Exit Planning and Succession series. Use the Search bar in the right column to search "exit planning succession", to find related articles. The most probable opportunity for glass company owners looking to sell their business is a…

From right to left, Dan, Peter J. and Peter “Pete” DeGorter, current management of DeGorter Inc., stand in front of a photo of John DeGorter, the company's second-generation owner. Pete will be the company's fourth-generation owner. He says of his decision to remain in the industry: "[I've seen…

CRL CEO Don Friese (left) and President Lloyd Talbert. Photo by Lizz Mullis The story of C.R. Laurence Co. is one of growth and acquisitions, of innovation and solutions. It is a story of people, strong leaders and dedicated employees who worked to grow the company into a respected glass and…

Editor's Note: This article and the feature A Continuing Story mark the third part of Glass Magazine’s "Exit Planning and Succession" series. See earlier articles from this series: A Successful Exit, Eight Disciplines of a Successful Exit, and An Employee Partnership. If you have an exit or…

I was interviewing an owner recently, and I had to pause and take a deep breath after he spoke those famous words, “but my accountant said they provide exit planning.” After my discussion he discovered their adviser really is not an exit planner—just a great accountant. Beacon, America’s Exit…

Editor's Note: This article and the feature An Employee Partnership mark part two of Glass Magazine’s multi-part Exit Planning and Succession series. The first in the series is, “A Successful Exit: Capture Business Wealth and Pass the Baton to the Next Generation;” the next article in the series…

Editor's Note: This article and the feature Eight Disciplines of a Successful Exit mark part two of Glass Magazine’s multi-part Exit Planning and Succession series. The first in the series is, “A Successful Exit: Capture Business Wealth and Pass the Baton to the Next Generation;” the next article…

Editor's Note: This article is the first in a multi-part Exit Planning and Succession series. The next installment will run in the April issue. If you have an exit or succession planning story to share, contact Editor Katy Devlin, kdevlin@glass.org. In running your glass business there is only…

An exit plan is a customized, written plan that monetizes a business; meets the owner’s business, personal and financial goals; protects his or her wealth; and moves the owner into his or her next stage of life. A succession plan, on the other hand, focuses on the human side of the business. In…

As a business owner, a good exit plan is crucial to profitably transferring ownership of your company. Yet, during conversations with hundreds of successful business owners, I have discovered some common misconceptions surround the exit process. Myth #1: “I will just sell my business and retire…