“Columbus faces an unprecedented economic shift as baby boomers begin to sell their businesses.”
Footprint Capital was featured in the September 2018 issue of ColumbusCEO Magazine. The story, Succession Planning: Baby Boomers Need an Exit Strategy, pulls in local business advisors to speak to the trend in baby boomer business owners, the majority of which will sell their businesses in the next 5+ years.
“As many as half of the estimated 7 million businesses owned by boomers—those born from 1946 to 1964—are expected to go up for sale over the next five years, according to exit planning advisors. Another 28 percent could end up on the block after that.”
Our managing director, Josh Curtis, spoke to the need for these baby boomer business owners in Columbus, Ohio and surrounding regions to consider their exit strategy and begin planning now if they plan to sell a business. Footprint Capital client, Mock Woodworking, also provided first-hand perspective in the article.
“Baby boomer Doug Mock of Mock Woodworking Co. in Zanesville says he decided to get serious about transitioning his family-owned business about three years ago. He worked with Footprint Capital and GBQ to establish a value range and find a financial partner for the 40-employee company, which provides specialty woodworking services to commercial, retail and residential customers.
He closed a sale in January 2017 to Dix Communications, an Ohio-based media company that has been diversifying its holdings over the past 10 years. Mock has remained involved in the company, focusing on strategic initiatives while moving away from overseeing day-to-day operations.
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Business Owners: Where do I start?
Enter the Strategic Performance Assessment (SPA). Footprint Capital offers a proprietary tool for business owners or key executives to self-assess in preparation for a possible transaction.
Now is the time for middle market owners and key executives to prepare for their next move. To help guide owners through strategic hurdles, Footprint Capital is launching a proprietary business assessment. The complimentary Strategic Performance Assessment (SPA) takes owners and key executives through a simple set of questions to self-identify key business drivers. An Executive Report quickly reveals opportunities to enhance business value, increase performance, and streamline operations to prepare for a transaction. Although we have not formally launched the SPA, we are making the tool available right here, right now. Let us know what you think.
If you have additional questions about Ownership Transition Planning (Exit Planning), Mergers & Acquisitions Consulting, or how we can help you write the next chapter of your story, please reach out to us here.