Passing the Baton: Putting the “Success” in Succession Requires Careful Planning & Strong Collaboration

According to a 2022 LOCUS Impact report, Florida is set to witness an $884 billion wealth transfer by 2032. A major part of that wealth transfer will take place as business leaders sell or hand down ownership of their businesses. According to the Exit Planning Institute’s (EPI) 2025 Generational State of Owner Readiness (SOOR) National Report, 75% of business owners would like to exit their business within 10 years. In Florida in particular, 40% of business owners have plans to retire in the next decade. As many business owners find out, however, selling a business is a completely different animal compared to just thinking about doing so.