By TED SCHMIDT
PNC Regional President
PITTSBURGH, Pennsylvania — The year 2021 had its fair share of challenges brought on by continuing impacts from the pandemic.
But last year also had several bright moments, including a soaring economy, an abundance of opportunities for job seekers and healthy portfolios that enabled early retirements.
While rare, we also saw some business owners receive lucrative, unsolicited offers to buy their businesses.
For example, one PNC client received a multimillion-dollar offer for his business. Unfortunately, this client did not have a succession plan in place, which meant he was not prepared to sell, nor was the business ready to be sold.
This client is not alone.
And that’s why one of the PNC Youngstown team’s top priorities in 2022 is to spend more time talking to our clients in greater detail about the importance of succession planning and guiding them through steps they need to take for personal financial planning as well as for preparing the business owner for when it’s time to step down.
While it is standard to begin succession planning three to five years before transitioning a business, it is never too early or too late to start.
Up to half of business transitions are unplanned due to death, disability, divorce or disagreements among owners and shareholders. And, as we’ve all discovered over the past two years, being prepared for the unexpected – whether it’s a pandemic or an unsolicited business offer – just makes sense.
At PNC, we’re excited about the opportunities 2022 will bring, both for us and our clients. We’re grateful to be the adviser they trust to help them through life’s important moments and opportunities.
Copyright 2022 The Business Journal, Youngstown, Ohio.