Few St. Louis-area business owners have a transition plan despite nearing retirement – St. Louis Public Radio

by | Nov 21, 2022 | Business

Around 70% of business owners across the St. Louis region are at or nearing retirement, but only about 25% have concrete plans for how they’ll transition from the enterprise they’ve built, according to a recent survey.These results alarm Jim Maher, CEO and founder of Archford Capital, the private wealth management firm that sponsored the survey.“This is a regional issue that we’ve identified with this study,” he said. “We kind of need to get all hands on board and look at this and say, ‘How can we help these businesses as they start to think about transition?’”The survey focused on “closely held businesses,” ones that employ from a dozen to a few hundred people, within 150 miles of St. Louis, Maher explained. This class of company employs roughly half of all workers across that defined region, he said.Maher’s primary concern is that many small or mid-size companies will end up closing in the near future because their aging owners don’t have a clear succession plan or family members who want to continue operating the business. “We can’t let this be an awkward conversation,” he said. “We need to be forthcoming to help that business owner be able to make it a legacy-type company.”But planning for what’s next is often uncomfortable. Shayn Prapaisilp, chief operating officer of STJ Group Holdings, knows …

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