Scott Snider – President of the Exit Planning Institute

Blue Sky would like to send a heartfelt thank you to Scott Snider, president of the Exit Planning Institute, for his recent senate testimony and continuing to spread awareness on behalf of business owners:

We at Blue Sky Advisory Services extend our deepest gratitude to Scott Snider for his illuminating testimony before the U.S. Senate committee on “Succession Planning: Opportunities to Build Wealth and Keep Jobs in Local Communities” held on January 24, 2024. As the President and co-owner of the Exit Planning Institute, Scott brought invaluable insights into the critical nature of exit planning for small business owners across the nation.

Scott’s testimony underscored the urgent need for proper exit planning, highlighting that nearly 90% of small business owners’ wealth is tied up in their companies. This statistic is a stark reminder of the importance of strategic succession planning, not just for the business owners but for the vitality of local communities and the broader economy.

With more than 30 million small businesses employing nearly 62% of the U.S. workforce, the impact of these businesses on our communities is undeniable. Scott pointed out that an astounding $14 trillion worth of business assets are expected to change hands within the next decade. This massive transfer of wealth and responsibility presents both a challenge and an opportunity.Scott’s story about the business owned by three sisters in Pennsylvania touched our hearts and served as a powerful illustration of the stakes involved. The premature death of a key business owner without a proper exit strategy led to the closure of their longstanding business, a scenario that is sadly not unique and often preventable with the right guidance.

During his testimony, Scott identified three key areas where we can improve support for business owners:

1. Educational Programming: Introducing exit strategy concepts early to strengthen businesses at the point of transition.

   
   

   Access to Coaching and Services: Encouraging owners to form a comprehensive advisory team that encompasses business, personal, and financial elements.

   
   

   Data and Research: Providing policymakers with the information needed to understand and address the gaps in succession planning.

   
   

These initiatives are essential for changing business owners’ mindsets, ensuring the continuation of their legacies, and maintaining the economic health of our communities.

Scott’s testimony not only shared critical data but also opened up a conversation about the emotional and practical realities of exiting a business. This dialogue is crucial for preparing business owners for one of the most significant transitions of their lives.

We are inspired by Scott’s dedication and are more committed than ever to assisting business owners in crafting meaningful and effective exit strategies. Let us all take a moment to reflect on the insights provided by Scott and consider how we can each contribute to supporting the backbone of our economy—our small businesses.

Thank you, Scott, for your leadership and for sharing your expertise with the nation. Your contributions are making a significant difference in the lives of many business owners and the communities they serve.

To read the full testimony click here.

For more insights and support on exit planning, visit our services page or contact one of our advisors at Blue Sky Advisory Services. Together, let’s plan for successful transitions that benefit everyone—owners, employees, and communities alike.