Business Trends and Insights: Navigating 2019 Changes
Business owners have a lot on their minds – from day-to-day operations and growing their book of business, to preparing for the future and navigating the challenges and opportunities of the market. As 2019 gears up, several factors can impact business owners, whether through business leadership transitions or industry changes.
As Baby Boomers enter retirement in the next decade, business owners will need to establish plans for passing the reins of the business to the next leaders. According to PwC’s 2019 Family Business Survey, 62 percent of family businesses plan to transition leadership to the next generation. Understanding how these organizational changes affect operations, culture and talent will be a critical part of business leadership in the coming years.
The first step in any business succession and exit plan is identifying key players and determining goals—both for the individual and the company. Gather your team of professionals to begin the conversations surrounding retirement, transitioning to the next generation of leaders, and managing the financial details of exiting. But, taking these steps may be easier said than done when emotions and family are involved.
In our first issue of Business Trends and Insights, we’ve highlighted key issues facing companies today. With tax changes, trade wars, tariffs, and an impending global slowdown, business owners will need to keep a sharp eye on the markets and changing economic conditions in the U.S.
UMB chief investment officer, KC Mathews, discusses trade tensions and market slowdowns in depth, and Dominic Karaba, president of specialty lending, gives an overview of five ways companies can boost cash flow. And take a look at this piece that discusses selling a business with it is a personal decision as much as a professional one.
I hope these pieces are informative, and I look forward to connecting with you again soon.
When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.