Nearly two-thirds of businesses are owned by baby boomers, making the transition to retirement a challenge for many of them. Hiring the next generation of leadership can prove to be unfamiliar and intimidated but CenterState CEO is trying to change that. 

Vice President of Member and Community Engagement at CenterState CEO, Kevin Schwab explained that unfortunately, many of these Baby Boomers have not put together a plan for how to pass their business on to its future leaders.

“[Baby Boomers] get to that point [of retirement] and say ‘well, now what? I’ve put a lifetime worth of work into this business and how do I transition to the next phase?’” Schwab said. “At the same time, they’re thinking ‘what do I do to make sure the business itself will continue on beyond me?’”

The symposium is hoping to teach business owners the importance of having a succession plan and how to go about making one.

A stereotypical plan may include passing down the business to a family member. UBS Financial Service’s Andrea J. Kimball advises, however, that this plan is in no way foolproof or guaranteed to work. Nowadays, a lot of the children of these business owners either have their own career ideas and paths or want to move away from where the business is.

Other, more realistic plans include selling the business to key employees who already have managing experience or having a third party come in to merge the business with another.

“Unlocking a Lifetime of Work” will take place on Friday, June 14 at The Holiday Inn in Liverpool from 7:30 a.m. to 12 p.m. Tickets are $49 for CenterState CEO members and $59 for non-members with breakfast and lunch included. To register for the event, visit centerstateceo.com.