Baby Boomers Planning Exit Strategies from their Businesses
Did you see C. Pharr's Cynthia Pharr Lee and Leah Ekmark Williams on the front page of Sunday's The Dallas Morning News? If you missed it, keep reading to see what these two had to say about succession planning:
"Cynthia Pharr Lee is not ready to retire anytime soon.
But when the time is right, Pharr Lee has an exit plan in place to ensure her public relations business will be in the right hands. Pharr Lee identified a “young superstar” employee and put her on a partner track to take over Dallas-based C. Pharr & Co.
'This plan gives more flexibility and freedom,” said Pharr Lee, 64. “It lets me have the kind of business that we prefer to have.'
Exit planning has always been a vital part of running a small business. Careful planning can ensure business continuity as well as a level of financial security for exiting owners."