In early February, Bank of America held an event at the Brooklyn Museum of Art to address family business succession. According to Lidija Nikolic, Senior Vice President at Bank of America Merrill Lynch, “12 million privately held businesses valued at $10 trillion, will change hands in the next two decades. Family business owners nearing retirement have two main choices: pass it on to the next generation or sell. In any case, unexpected things will happen. The key is to be prepared. To transition on one’s own terms requires taking two critical, entwined but distinct pathways: succession planning and estate planning.”
Leah Archibald, Evergreen’s Executive Director, present at this event, stated, “Evergreen serves a huge number of North Brooklyn multigenerational family businesses that grapple with the issues associated with transferring the family business from generation to generation.”
“Clearly it will be the seller’s market for retiring baby boomers. Those who plan ahead and position themselves to act quickly will benefit the most,” said Nikolic.