Core Insights - A significant 88% of business owners plan to transition some or all of their financial stake within the next decade, indicating a pressing need for comprehensive wealth planning [1][7] - The survey highlights that divesting a business is not merely a transaction but a transformation, necessitating deep strategic planning for owners [2] Asset Concentration - Nearly half (44%) of business owners report that their business accounts for more than half of their personal wealth, with 90% indicating it represents at least a quarter [4] Transition Timeline - Over half (56%) of business owners plan to fully or partially transition their financial stake within the next five years, with 85% having a transition plan in place [7] - The importance of timely personal wealth planning is emphasized, especially for those transitioning within the next five years [5] Growth Capital Needs - A substantial 85% of owners anticipate needing additional capital for future business growth, with various sources considered for this capital [5][8] Future Plans - 35% of owners intend to transition their business to a family member, a figure that rises to 44% among those with businesses valued over $15 million [10] - A notable 30% of owners plan to invest in or acquire a new business after transitioning their stake [6] Future Business Success - Business owners identify external factors such as market expansion (22%) and economic conditions (17%) as critical to future success, while people-centric factors like talent retention (12%) and leadership development (11%) rank lower [11][16]

Core Insights - Founders must be transparent about their goals, including selling price and ownership structures, and should carefully select an exit plan such as a merger, private sale, or public offering to manage the sudden influx of liquidity effectively [1][5] Group 1: Planning for Wealth Management - Founders should engage in personal planning regarding their newfound assets before initiating discussions with potential acquirers to avoid delays in the transaction process [2] - A report by Goldman outlines six essential steps for founders post-exit: clarify business future, consider tax structures, establish family and estate plans, organize liquidity, account for existing liabilities, and develop a philanthropic strategy [4] - The report emphasizes the importance of assembling a strong advisory team, including wealth managers and trust officers, to navigate the complexities of the exit process [6][7] Group 2: Tax and Estate Planning - Different business structures, such as S-corporations and C-corporations, have distinct tax implications that founders must consider [8] - Utilizing estate planning attorneys can help align immediate tax efficiency goals with long-term wealth management needs, including setting up trusts to protect newfound wealth [9][10] Group 3: Preparing for New Wealth Realities - The transition to significant wealth affects not only the founders but also their families, necessitating preparation for the next generation [11] - Regular family meetings facilitated by financial advisors can help convey the responsibilities associated with wealth and philanthropy [12] - Privacy considerations are crucial, as different transaction types bring varying levels of visibility, and consulting financial advisors on security protocols is recommended [13]

Core Insights - LPL Financial has appointed Tara Thompson Popernik as Executive Vice President and Head of Wealth Planning, and Monte Tomasino as Executive Vice President of Service Digital Enablement, reinforcing its commitment to wealth planning and service solutions [1][6]. Group 1: Leadership Appointments - Tara Thompson Popernik will lead a specialized team to enhance LPL's wealth planning offerings, focusing on high-net-worth and ultra-high-net-worth clients [2][3]. - Monte Tomasino brings extensive experience in digital transformation and operational delivery, previously serving at Dell Technologies [5]. Group 2: Expertise and Background - Thompson Popernik has 21 years of experience at Bernstein Private Wealth, where she held various leadership roles, and is a Chartered Financial Analyst (CFA) and Certified Financial Planner (CFP®) [4]. - Tomasino has a strong background in strategic planning and digital enablement, with a military background as a former U.S. Army Aviation Commander [5]. Group 3: Company Overview - LPL Financial is one of the fastest-growing wealth management firms in the U.S., supporting over 29,000 financial advisors and managing approximately $1.8 trillion in brokerage and advisory assets for around 7 million Americans [7].