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Wealthies Circle Podcast

Wealthies Circle Podcast: Succession Planning with Key Family Wealth Management’s Jeff Getty

Jeffrey Getty, an advisor for Key Banks Family Wealth Consulting Team, takes us on a deep dive into the most common mistakes made by business owners when preparing for succession.

 

There are approximately 390,000 businesses in the U.S. with under $100 million in enterprise value, and some 65% of those closely held firms are expected to change hands in the next 10 years, passing from baby boomer owners and entrepreneurs to the next generation of owners.

In this episode, David Armstrong is joined by Jeffrey Getty, an advisor for Key Bank's Family Wealth Consulting Team and 2021 Industry Award winner for their business advisory services initiative at family offices.

In this episode, you will learn:

  • Common mistakes made by business owners when preparing for succession
  • Why only a handful of these smaller business transactions take place at full market valuations—and why business owners are often OK with that outcome (often, other considerations become more important for owners than getting top dollar.)
  • The importance of laying the groundwork early for business-owner clients to prepare for a succession.
  • The importance of considering family dynamics when planning a client’s business transition. 

Listen to the Wealthies Circle Podcast

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