Executing the Business Succession and Transfer Process With Donald Bielen

Donald Bielen is the Principal of Perkins & Co, an accounting firm offering business transition and succession planning for large, privately-held business owners and their families. As a Certified Financial Planner (CFP), he specializes in ownership transitions, business successions, and wealth management planning. Donald has advised over 200 business transactions and succession plans for entrepreneurs across the US.

Here’s a glimpse of what you’ll learn:

Two reasons entrepreneurs delay transition planning
Overcoming identity loss to prepare for a transition
Significant mistakes entrepreneurs make when arranging a business succession plan
How to cultivate a team of trusted advisors to facilitate the planning process
Case studies: how Donald Bielen refined clients’ transfer processes

In this episode:

Entrepreneurs who grew up in a family business form their identities around it. So when approaching retirement, they often delay the transfer and succession process. Additionally, these business owners struggle to establish their end goals for the company and themselves. How can you reconcile identity loss and define your post-transition objectives to plan effectively?

Transition planning advisor Donald Bielen instructs entrepreneurs to consider the individual and collective benefits of business succession. These may include enhanced quality of life and relationships or untapped potentials for the future. The succession planning process involves creating a group of trusted advisors who can help you develop a systematic, comprehensive approach to evaluating viable options for the transfer. It’s critical to ensure the professionals you acquire are experts in their field so they can provide adequate knowledge and insights.

In this episode of Systems Simplified, Adi Klevit invites Donald Bielen, Principal of Perkins & Co, to speak about business succession and transfer planning processes. Donald explains why entrepreneurs delay this planning, how to cultivate a team of knowledgeable advisors, and how to overcome identity loss to prepare for a transition.

Resources mentioned in this episode:

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