It’s hard to believe that a year has gone by since my debut talk at last winter NAMM. If you missed it, click on the video link for the short reader’s digest version. Those who attended my talk, or who read my Music Inc. column, may remember that in my previous life, I was a school music dealer, and attended NAMM as a member in the 1980’s. So my reunion with my fellow NAMM members is special and personal.
For winter NAMM 2017, I’m really pumped, because I will have the opportunity to co-present with music retailer accountant Guru, and my buddy, Alan Friedman, CPA and partner at Friedman, Kannenberg & Co. If you have attended any one of Alan’s many NAMM presentations over the past years, you’ll know you’ll walk away with important music retailing financial and business info delivered in a most entertaining way.. Throw me in the mix and no succession topic is off-limits, as evidenced by our session title “But What If I die?” This will be a not-to-be missed event!
Most agree that the most important financial decision they will have to make their life will be trying to figure out the smartest way to transition their music business. Remember, there are only four choices;
1- Transition ownership to a family member.
2- Transition ownership to a key manager.
3- Transition ownership to a competitor.
4- Liquidate, for pennies on the dollar.
Still, four choices have what appears to be an infinite amount of details the music retailer has to juggle including, personal, family and business. It takes a multi-disciplinary team of professionals to help. This is complicated stuff. It’s no surprise that two out of three business owners do not have a written succession plan.
While our thirty minute conversation won’t give you all the details to finish your plan, we will give you some solid tips to establish the planning process.
Our talk takes place Saturday at 5:00 PM at the Idea Center. Stop by and say hello.
From my family, to your family, wishing you Physical-Spiritual & Financial Health in the new year.
Our talk description is below.
“But What If I Die?” – Succession Tips For Music Retailers.
No matter how certain our futures appear, more certain is that our careers will end at some point. With that certainty in mind, succession planning should be an essential part of your business plan. Unfortunately, it’s easy to put off thinking about how to transition your business, even though business struggles, an owner’s failing health and the demise of a key manager can force that transition. Right now (while you’re still alive), is the single best time to begin succession planning. Join Alan Friedman, CPA, of Friedman, Kanneberg & Co. and wealth manager and succession planner Jaimie Blackman for a meaningful discussion on why succession planning can’t—and shouldn’t—wait.
The purpose of this post is to educate. Our content should not be construed as advice. If legal, tax or other advice is required by the readers, professional advice should be sought.