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For many Boston-based middle market companies, coordinating business and personal financial planning is increasingly relevant, especially as many family-owned companies consider transitions in ownership. Whether you’re an outgoing CEO of a local real estate development firm[1], the leader of a robotics company[2] or a large outdoor retailer[3], there are many examples of leader transitions and succession plans happening in real time in Boston and throughout New England today.
According to recent data[4] from the National Center for the Middle Market (NCMM), 17% of U.S. middle market companies (as defined by NCMM as companies with annual revenue between $10 million to $1 billion) are considering ownership transfers over the next 24 months. Additionally, one-third of these businesses are multigenerational family businesses. The Great Wealth Transfer of $124 trillion[5] from the Baby Boomers to heirs will only accelerate this handoff of wealth even faster.
Given its strong founder-led culture and large number of knowledge-based firms, Boston is ripe for succession planning risk. Research[6] from the City of Boston Planning Department shows that as of 2025, the city’s Professional, Scientific, and Technical Services sector includes approximately 100,644 employees and 5,619 establishments, amounting to 14.7% of all employment, 17.8% of businesses, and 20.3% of Gross City Product (GCP). These industries range from computer systems design, scientific research, legal, accounting, architects, engineers, public relations agencies, and more. All these companies need to prepare for leadership transitions sooner rather than later.
If business owners don’t act now, they can face potential challenges involving employee turnover, stalled growth, and decreased company value. This could also have an impact on your reputation in the marketplace.
As businesses determine their next steps, here are a few tips to keep in-mind:
Even if you don’t plan to sell your business soon, have a plan in place. Make sure your successor has access to liquidity to meet any ongoing financial obligations. Business owners should get familiar with the Massachusetts estate tax[7] filing threshold, as there have been changes since 2023 and transitions typically yield substantial liquidity that will be impacted by these thresholds.
Outright sale to a strategic third party. Private Equity. Generational transition or an ESOP. The State of Massachusetts has a dedicated Center for Employee Ownership[8] that provides information and resources on employee ownership if that is a direction you decide to go. This is an arrangement in which a company’s employees own shares in the company’s stock. Popular options include Employee Stock Ownership Plan (ESOP) companies and Worker Cooperatives (Co-ops). This is not only a key tool in business succession planning, but it’s a policy priority in the state that Boston businesses can take advantage of.
This could be your banker, CPA, attorney, financial/wealth advisors, or professional coach. These are once in a lifetime decisions that require careful planning for them to be executed well.
In this environment, it’s important to stay nimble and be ready to take advantage of strategic business opportunities, while understanding and being prepared for the potential impact on the business and personal side of the balance sheet. Having a solid plan in place will differentiate the business owners that plan for success and ones that stumble.
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Disclaimer: The information provided herein is for informational purposes only and does not constitute legal or tax advice. Consult with your professional.
New England Market Executive, Commercial Banking Northeast Division
Wells Fargo & Company
Apr 28, 20265:30pm – 7:30pmSantander
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