Stuart A. Smith III | Source | Managing Director, Strategic Family Business Advisory at Wilmington Trust

It's troubling that so many business owners have not taken steps to protect themselves and their businesses, and underestimate how their business will impact their personal and family wealth over the long term. Owners who do not begin planning years in advance of a transition risk suffering 'the unplanned discount' of lower proceeds from a liquidity event. A positive business transition requires ample time and foundational work. This survey shows that for too many business owners that foundational work is not taking place.