Are you a small business owner? What’s your plan for retirement? It’s an important question, but it’s also one that many owners, who are so bombarded with the day-to-day demands of running their business, can’t answer.
The subject is being addressed by the Somerset County Business Partnership Financial Services Special Interest Group (FiSIG) in an event on Thursday, May 24, titled, “Keeping Your Eye on the Exit: Small Business Succession & Estate Planning.”
The session will be held at the Somerset County Business Partnership, 360 Grove Street at Route 22 East, Bridgewater, from 8:30 to 9:30 a.m. Cost: $30. Register at www.events.SCBP.org or by calling the Business Partnership at 908-218-4300.
The workshop will focus on the issues small business owners face when they are trying to plan to retire or to sell their business. Speaker Garvin Walsh, managing member at Labyrinth Partners, a Bridgewater-based financial consulting firm, will address the challenges involved in a business transfer, examine illustrative scenarios, and highlight some potential solutions.
He will also talk about financial and emotional issues, including transferring a business to a child, relinquishing control to an existing partner, or selling to a third party.
A graduate of Georgetown University with a degree in sociology and economics, Walsh is an owner and principal partner at Labyrinth since 2005. Previously he served as vice president of institutional equities at Lehman Brothers, and managing director of global equities at Credit Lyonnais Securities.
“The mission of the FiSIG is to educate business partnership members on issues impacting on personal and professional financial lives that are often intertwined in small and medium sized businesses,” says a press release by the group.
During its meetings, the FiSIG addresses economic and legislative issues that impact profitability, shares best practices, and plans and implements educational workshops.