As entrepreneurs approach retirement, they have important choices to make about the future of their businesses—such as whether to sell, close a business down, or pass it on to a family member.
But for the founders of minority and women-owned business enterprises (MWBEs), this succession planning takes on a deeper significance. Owners might want their business to maintain minority or female ownership, or to continue serving a community that has always supported them. Parents might view their business as a family legacy that can generate wealth for generations to come.
Monty Bruell, a partner at business consulting firm Oaklyn Consulting, has more than 25 years’ experience as an entrepreneur, business consultant and investment advisor. In this episode, Monty discusses why legacy and succession planning are especially important for MWBEs.