Most Connecticut Business Owners Are Not Adequately Prepared To Transition Their Business

NEW HAVEN, Conn. - Sept. 26, 2016 - PRLog -- According to survey results, sixty percent of Connecticut businesses that are under $30 million in annual revenue are owned by persons seeking to retire in the next five years. However, only one single respondent has prepared an actual written plan to set forth how they will exit their business, and perhaps more importantly, how to maximize its transaction value. Based upon these results, business owners in Connecticut are not adequately prepared to effectively transition or sell their businesses. This surprising finding, and other valuable insight, was uncovered by a collaboration between three Connecticut professional service firms that are seeking to help business owners and entrepreneurs in Connecticut better understand the process of exiting their businesses.

Marcum Accountants & Advisors, VR Business Sales – Mergers & Acquisitions, and the law firm of Zangari Cohn Cuthbertson have all joined forces to establish and prepare an ongoing exit planning survey among Connecticut business owners. During the month of August 2016 the first survey was conducted through an internet based platform. The brief survey sought insight from business owners in matters such as their stress level when considering their exit, their confidence of being able to locate a successor, and the owners level of readiness to complete an exist. These results have now been quantified and the firms have released a report of their findings. Successive surveys and updated reports, which will include metrics for tracking the evolution of the participants' preparedness, will be forthcoming on a scheduled basis.

The report can be found here: https://vrnewhaven.com/2016/09/20/ct-business-owners-exit...

About Marcum LLP:Marcum LLP is one of the largest independent public accounting and advisory service firms in the nation, offering a full spectrum of traditional tax, accounting and assurance services; advisory valuation and litigation support; and an extensive range of specialty and niche industry practices.

About VR Business Sales – New Haven: VR Business Sales New Haven represents owners of businesses valued between $500,000 and $25 million or with annual revenues from $1 million to $30 million. Operating within a wide range of industry segments, the office provides exceptional merger and acquisition advisory services to companies in Connecticut, Southern New England and Metro NY. Independently owned and operated, the office consistently ranks within the Top 10 of over 50 offices worldwide with the VR franchise network.

About Zangari Cohn Cuthbertson P.C.: Zangari Cohn Cuthbertson P.C. is a firm of accomplished attorneys providing smart and creative solutions to local, national, and international businesses and their owners since 1946. The firm's legal services includes business transactions, succession and estate planning, family businesses, tax, real estate, employment, and litigation. Benjamin Michaelson is responsible for this content.

A copy of the study results is available upon request.