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Business Succession Planning Seminar: Learning From Previous Business Owners

Business Succession Planning Seminar: Learning from Previous Business Owners

What we learned from our first interactive seminar of the Business Succession Planning Series.

Succession Planning

Viking Mergers & Acquisitions kicked off the first interactive seminar of the Business Succession Planning Series on June 8th, 2017.  We were fortunate to learn from the experiences of three successful entrepreneurs and business leaders and their experiences with getting prepared for succession, the actual steps they took, and some of the items that were surprises for them.

          Lea Burt pic           larry griffin             david amigo

            Lea Burt Jr.                                   Larry Griffin Jr.                             David Amigo

Lea Burt Jr. is the current President of his company but he has successfully transitioned a significant partial sale of his stock to key employees and leaders within his own company Mechanical Contractors, Inc. which was founded in 1948 by his father. He used the succession planning services of Viking teammate Dale Gillmore for this process.

Larry Griffin Jr. (and his family) successfully planned for and exited their tire store businesses (using succession planning services via a Viking teammate) after building the chain from 1961 to 2016

David Amigo successfully sold Carolina Country Homes (using Viking’s sell side services) after 10 years of successful operation.

Key takeaways and quotes from the event included:

  • All three panelists suggested getting started working with your advisors well ahead of time, especially if family planning is involved.
  • A few insightful quotes from Mr. Lea Burt Jr. –
    • “There comes a point in time where business owners need to make a choice between money or life.”
    • “Sometimes the best leadership skills are developed through training and mentoring others.”
  • Larry Griffin shared that sometimes things turn out better when your company is not for sale and you operate the business that way while entertaining successors.
  • All three panelists said they were happy with the outcomes and that they would execute the transaction again if they were to turn back time and make the decision a second time around.
  • David Amigo shared how valuable his relationship has become with the buyer of his business.

Our next seminar, The Emotional Aspects of Selling Your Business, will be held on August 23, 2017, at Sugar Creek Brewing Company. Hear from the previous sellers on what obstacles they faced and learn from the panel of professionals about the tools you need to win the battle. Contact Mary Lou Winn at marylou@vikingmergers.com for more information.  Learn more about Business Succession Planning and what Viking can provide for you and your family.

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Viking Mergers & Acquisitions
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