Facts on Exit Planning
- Almost 50% have no plan to transfer ownership, management and control, and the percentage is even higher for companies that have been in business for less than 20 years
- Nearly 60% of closely held companies have failed to gauge the potential tax exposure upon a transfer of ownership
- 25% are due to change hands within the next 5 years
- About 90% of owners of closely held companies would like to transfer ownership, management and control of their companies to family or non-family key employees. Less than 50% manage to do so
- Only 33% have defined criteria for hiring and promoting family members who want to take an active role in the business
- Over 33% of closely held companies have no procedures in place for dealing with disputes between family member owners
1The statistics provided above have been derived from a variety of surveys of closely held business owners including: the PricewaterhouseCoopers 2007-2008 survey of nearly 1,500 closely held companies; the 2007 survey of 800 closely held businesses by the University of Connecticut School of Business Administration Survey; and the 2003 Arthur Andersen/Mass Mutual American Family Business Survey.
| Edwards A. Holliday - Mid-Atlantic |
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A longtime specialist in personal effectiveness coaching, for the past 20 years he has helped more than 2,000 individuals in different service businesses develop their leadership and management skills, as well as set and achieve business, personal and life goals. Edwards researches validated best practices and transforms proven ideas into innovative solutions for clients that include large firms such as Morgan Stanley, Citi-Smith Barney, RBC Wealth Management, Deutsche Bank Alex. Brown, Wachovia Securities/Wells Fargo, Oppenheimer & Co. Inc. and UBS Financial Services Inc. and middle market privately held firms such as Harkins Builders Inc., TCA TrustCorp America, and Bishop & Associates. Committed to helping to deliver bottom line results, Edwards helps clients build upon their strengths, expand their knowledge and stretch into their highest outcomes for themselves and their organizations. With more than 100 published profile articles on business leaders and what makes them effective, Edwards is a certified business coach and facilitator, with a specialty in financial services firms. Email:
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Edwards is President and founder of Atlantic Leadership Group, established in 1989 as a Franchise Partner of Leadership Management Inc. (LMI) and serving private and publicly held organizations on the East Coast. Edwards and his associates have a passion for producing results for clients through executive coaching, consulting services and leadership programs.