Small-business owners could look to Wolfgang Puck for help with their biggest problem
Wolfgang Puck is addressing the challenge of succession planning in his restaurant empire as he prepares to pass the baton to his son, Byron Lazaroff-Puck. Many small-business owners face similar issues as they approach retirement, with a significant number of businesses at risk of closure without a viable successor. The trend highlights the importance of finding new leadership to ensure the continuity of small and medium-sized enterprises in the U.S.
- ▪Wolfgang Puck is navigating succession planning as he prepares to pass his restaurant empire to his son.
- ▪A report from McKinsey indicates that 6 million small and medium-sized businesses will face ownership transitions by 2035 due to retiring baby boomers.
- ▪Only 1 million of those businesses are considered viable candidates for sale, putting many at risk of closure without a successor.
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Wolfgang Puck might hold the answer to a big problem for small-business owners.Puck is navigating a challenge many aging business owners face: succession planning.The 76-year-old chef and his 31-year-old son, Byron Lazaroff-Puck, spoke with BI's Anneta Konstantinides about the eventual changing of the guard at Puck's restaurant empire. To be clear, Puck isn't ready to hang up his chef's coat just yet. But Lazaroff-Puck, who is president of the Wolfgang Puck Fine Dining Group, is taking on more responsibilities in his father's business after starting out as a dishwasher.Most SMB owners don't have 25 fine-dining restaurants, over 1,000 employees, and a global brand to consider.
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