Top Family Business Expert on Growing and Exiting a Family Business
Summary: Barry Goodman, an exit planner for family-held businesses, shares his expertise on helping families determine the next steps for their businesses. He emphasizes the importance of having a purpose in life after selling a business and avoiding the negative impact of family conflicts. Goodman specializes in working with family businesses and highlights the need for alignment among family members and senior leadership. He also discusses the role of wealth advisors and insurance advisors in the process and the challenges of managing diverse goals and objectives within a family business. Goodman shares a case study of successfully selling a family business and the importance of preparing the business for sale.
Takeaways
Takeaways
- Having a purpose in life after selling a business is crucial for a smooth transition.
- Alignment among family members and senior leadership is essential for the success of a family business.
- Wealth advisors and insurance advisors play a significant role in helping family businesses navigate the complexities of selling or transitioning the business.
- Managing diverse goals and objectives within a family business can be challenging.
- Preparing the business for sale involves assessing and mitigating issues, creating options for the future, and ensuring predictable profits and cash flow.
Keywords: exit planning, family-held businesses, purpose in life, family conflicts, alignment, wealth advisors, insurance advisors, diverse goals, selling a business
