North America

The Business Journal of Western Massachusetts

May 2, 2016

BusinessWest Lecture Series Continues with ‘Heading for the Exit’

Succeeding at Succession

Mike Vann didn’t have the exact figures, but he said round numbers would certainly get his points across. And he was right.

There are roughly 7.5 million businesses in this country owned by an individual or individuals over the age of 55, said Vann, a principal, with his father, Kevin, of the Springfield-based business-consulting firm the Vann Group. And maybe 25% of them have “some semblance” of a succession plan in place.

He chose that phrase carefully, and then qualified it by saying that many of those plans would not be considered up to date or realistic.

“There’s something there, but it’s outdated and it’s no longer relevant, but they can can check the box and say they did something,” Mike explained, adding quickly that business owners need to do more than something — they need something well thought out and realistic.

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