How to Best Plan a Strategic Family-Owned Company Exit

Bob Furlong is a seasoned wealth management professional from The Bulfinch Group. With years of experience managing his own family business + his clients' family businesses, Bob offers a unique perspective on wealth maximization and legacy building. In this episode, Bob reflects on his personal journey through multiple company exits, including one that left him completely in the red, and discusses the common misconceptions about the timing and strategy of selling a business. He also shares how he uses his expertise to guide family-owned businesses on financial strategies and vision planning, with the importance of aligning family legacy with business goals.

 

Key Points

[3:00] A little bit about Bob and his background in wealth management + selling the family business.

[5:15] Knowing what Bob knows now, what would he have done differently?

[7:25] On Bob's third company exit, he did horrible. He really struggled through that process and had a negative balance sheet by the end of it.

[9:15] What do most people get wrong about exiting a company?

[13:05] When your company finances are looking better than they've ever been, that actually might be an indicator to sell.

[15:00] Bob now works with a lot of family-owned businesses, how does he use his experience + his expertise to advise and guide them?

[18:25] Although Bob does focus on the financials of the business, he also believes it's important to talk with the owners about their visions for the future and what their legacy will look like.

[19:55] It is a delicate balance to sell the family business because employees might also leave the moment the owner leaves.

[24:25] How far in advance does Bob start working with a family-owned business? What is a good timeline to plan an exit?

[28:25] In Bob's experience, the founder is usually the obstacle in how they want to realistically exit.

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