A Step Toward Exit Readiness in Long Island: The 2017 Long Island Owners Forum Recap

Last Wednesday, August 16, nearly 100 business owners and advisors gathered for the second annual EPI Long Island Owners Forum, an event centered around business value growth and owner readiness.

In 2016, Long Island, NY made the list for Forbes “Best Places for Business and Careers,” with major industries being technology and education (official ranking: #109), playing a prominent role in research and engineering.  Many advisors and owners in the area are actively participating in education that ensures the continuity and growth of the local marketplace, and that is where the Owners Forum provides immense value directly to those owners with sights set toward the future.

According to national research cited in the State of Owner Readiness Survey (primary research conducted by EPI and its supporting partners), many Baby Boomer business owners are experiencing the next stage in their business’s lifecycle.  As these accomplished owners look ahead one, five, or ten years, they see transition, sale, or exit on their horizon.  Not a surprising reality, but the concern begins when you look at staggering historical success (or fail) rates for transitioning a privately held business.

  • Owners considering sale: Only two out of every ten businesses that come to market actually sell.
  • Owners considering family transition: Only 30% of businesses successfully transfer to the second generation, only 12% to the third generation, and the odds continue to shrink from there.

FullSizeRenderThe reality is, these issues can be proactively approached with earlier strategic planning and exit strategy.  And that is exactly what the 2017 Long Island Owners Forum is about.  The event brought in two keynote speakers, EPI CEO/President, Christopher Snider, award-winning author of Walking to Destiny: 11 Actions an Owner Must Take to Rapidly Grow Value & Unlock Wealth, and Former Charles Schwab CEO, Dave Pottruck, author of Stacking the Deck, to bring to light real insights and strategies to sturdy your business, create transferable value, and deploy protective measures to secure present and future wealth.

“We at EPI NY are on a mission,” said Mark Kravietz, EPI Greater New York President and Managing Director of MK Wealth Management (HighTower), “to help educate business owners on the disruptive changes that are going on and to help the owners with growth of their businesses or understanding their next step toward succession.”

The event was a huge success and speaks volumes to the investment of Long Island business owners in the vitality and future of their companies.  With knowledge comes power, and this event was a stepping stone for many great companies with sights on creating a positive economic future for the Long Island business marketplace.

For more information about EPI and owner education opportunities, visit www.LongIslandOwnersForum.com or www.Exit-Planning-Institute.org.


About Exit Planning Institute:

EPI LogoThe Exit Planning Institute (EPI) is an education company that provides exit planning education to advisors and middle market business owners.  We view exit planning as a strategy, not an event.

EPI leads the professional services profession with the best industry content, ongoing support, and owner education platform, all of which align with our mission: Change the outcome.

Only 2 out of every 10 businesses that come to market actually sell.  We want to increase the number of saleable businesses.

Only 30% of family businesses successfully transition to the second generation, only 12% transfer to the third, and the success rates diminish from there.  We want to improve those intergenerational transitions.

Of those that succeed in the sale of their business, 75% experience “profound regret” within one year of exiting their business.  We want to understand why and create strategies that achieve profound success, wealth, and satisfaction.

EPI is an education company, powered by an elite community of top advisors and owners, all focused toward creating a valuable, transferable future for the business marketplace.

Change your outcome.  Learn more at www.Exit-Planning-Institute.org.

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