Succession planning?

According to a recent SunTrust study, just 31 percent of business owners plan to pass down their businesses to a family member within the next five years, a trend driven in part by a growing number of baby boomers approaching retirement age.

George Calfo, one of the leaders of SunTrust’s business transition advisory group, said discussion of how to pass on an enterprise should be top of mind for all business owners. “We have a growing population of people looking out over their work horizon, which five years ago seemed infinite,” said Mr Calfo, who helped create the study of 500 business owners between the ages of 54 and 72 who generate between $5 million and $250 million of annual revenue.