Boomer Business Sales: Tough Choices & Succession
Hartford News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Aging baby boomer founders in Connecticuts family-owned businesses are driving a trend of selling to outsiders rather than passing the torch to the next generation. The COVID-19 pandemic has exacerbated this issue, with many companies facing tough choices like selling or closing. Family dynamics, industry shifts, and pressure from private equity firms are contributing factors. Experts advise preparation, including valuations, financial cleanup, and upfront investments, to secure a good outcome. Sellers often find satisfaction in preserving jobs and culture, sometimes retaining a stake. Advisers emphasize thorough research to avoid lowball deals and ensure a smooth exit.
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