There are plenty of stories about the challenges of moving on from a business when it’s time to leave, but there are also more positive stories about proven paths for successful business exits. One such example is that of Arbor Investments LLC in Michigan after the sale of 208 Arbor Drug Stores in 1998. […]
The goal of the founder, Eugene Applebaum, was to generate enough wealth to expand philanthropy efforts. As part of this path, he opened up a family office and trained his two daughters to be the agents of change that would put his goals into action.
He trained them to think and then execute in 15 year cycles, including actions like disengaging from certain investments and entering into others (like a Compass Fund to help support other entrepreneurial projects). Even now, Applebaum’s teenage grandchildren are being included in the process in a way that allows them to experience and gauge interest in some kind of future with the firm.
Business succession planning is most successful when done in advance and with ample opportunity to give future generations or other involved stakeholders a chance to excel. Contact us today to learn more about business succession planning.
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