Business Transitions
On May 14th, SEDCOR welcomed a room of business owners, advisors, and entrepreneurs for a candid conversation about one of the most important—and often most emotional—topics in business: transitions. Whether it’s selling to a third party, passing ownership to family, or transitioning to key employees, the event highlighted that no matter the path, the key is to plan early and plan well.
Moderated by SEDCOR President Erik Andersson, the panel featured a powerhouse of expertise and real-world perspective:
Steve Hopkins, Business Transitions Advisor at Charter BTA
Mark Hoyt, Attorney with Sherman, Sherman, Johnnie & Hoyt LLP
Tyson Pruett, CPA and Partner at Anthem Strategists
Kent Kaufman, Second-Generation Owner of Kaufman Companies
The conversation opened by outlining the three common paths to transition: family succession, employee buyout, or a third-party sale. While each comes with its own opportunities and challenges, the panel agreed on one universal truth: you need a plan—and you need to start early.
“There’s no such thing as too early when it comes to transition planning,” said Steve Hopkins. “Your business should always be attractive and ready—because you never know what’s around the corner.”
Kent Kaufman shared openly about his experience buying into his family’s business and the emotional and relational complexity that came with it. “The hardest part wasn’t the legal structure—it was the people,” he reflected. His advice: have the tough conversations early, communicate clearly, and be honest about whether family members are truly ready and suited to take over the business.
From a legal and accounting perspective, Mark Hoyt and Tyson Pruett emphasized the importance of clear documentation, clean financials, and realistic expectations. “The buyer doesn’t care what you need out of the business,” said Pruett. “They care about cash flow, risk, and return on investment.”
One recurring theme throughout the event was the need for a strong transition team. Whether it's a CPA, attorney, business advisor, lender, or even a family counselor, the right support network makes all the difference. “Too many business transitions fail because people try to go it alone or wait too long to bring in the right help,” said Hoyt.
The conversation also encouraged entrepreneurs in the room to consider not only selling but also buying businesses as a growth strategy—especially when companies already have strong teams and community roots in place.
The panel closed with parting advice for business owners:
Start early and communicate your vision clearly.
Define what success looks like, both financially and personally.
Prioritize people—the best transitions are built on trust and alignment.
- And, as Kent Kaufman reminded the room, “If you’re only in it for the profit, it’s going to be tough. If you care about people and purpose, success tends to follow.”
We’re grateful to our speakers for their honesty, wisdom, and practical advice, and to all who attended and made the event a success. Stay tuned for more Industry Insights from SEDCOR—and if you haven’t started your transition plan yet, today’s a great day to begin.