How Atlanta Business Owners Should Prepare for the Great Business Transfer
By Eric Schimpf, President, Merrill Wealth Management
Having spent many years living and raising my family in Atlanta while leading Merrill’s Southeast division, I’ve witnessed the region’s growth firsthand. During recent meetings with colleagues and clients, I was reminded of Atlanta’s continued success and the significant role played by longstanding business owners.
Many owners are now contemplating succession, with some considering a sale and others preparing family members or key executives to take over. This shift in focus, once viewed as distant, is prompting business owners to reassess their plans.
Georgia boasts over 1.4 million businesses, with many established companies contributing to the region’s economy over decades. These owners are now thinking about the future, not just of their businesses but also of their employees, customers, and communities.
During recent conversations with clients, along with Allen Jones and Terius Dolby, Merrill Atlanta Market Executives, more owners sought guidance on:
- Potential sales
- Succession plans
- Other liquidity events
Whether a transaction is imminent or still in the distant future, early planning is crucial. It can:
- Create greater flexibility
- Protect business value
- Ease the transition for employees, customers, and family members
On a national scale, more than half of business owners plan to pass their companies on to the next generation, according to a recent survey. This shift is expected to impact the economy significantly in the years to come.