The great ownership transfer: Helping business owners protect their legacy and define what comes next

By Tom Metzger, SVP and Head of Private Wealth Advisors, Citizens Private Wealth

The financial world is well attuned to the Great Wealth Transfer now underway. Over the next two decades, more than $120 trillion will pass from one generation to the next, driving an unprecedented shift in financial power, identity, and responsibility. But within that broader movement lies something more specific, and often more challenging for business owners nearing retirement: the Great Ownership Transfer.

More than half of closely held businesses in the U.S. are owned by people over 65. These businesses create livelihoods and careers and help shape communities. As the owners of these businesses approach retirement or an exit, the questions extend further than financial planning: what’s the next chapter look like after a life focused on building a company? And how will the transition shape the future of family, of employees, company mission and even the community it supports?

The Great Ownership transfer reminds me of my grandfather John Metzger. Like many during that time, my grandfather was the child of an immigrant and a first generation American. He served his country in WWII, and upon coming home a decorated veteran, built a successful family business in Milwaukee Wisconsin – Metzger Machinery. The American Dream often rests on shoulders of entrepreneurs like him. When it came time to pass his business to the next generation, he deserved to be better represented with expertise, fiduciary care and holistic support. The decision-making required to sell or pass down a business is a long and complex process. I often reflect on how different his experience might have been with the right guidance, if only to alleviate the immense burden that transitioning a business creates. It’s why this work matters so much to me, and why getting it right means much more than simply receiving the highest valuation.

Legacies lost to delay

I’ve seen what happens when planning doesn’t happen early enough. And I don’t just mean missed tax opportunities or a lower valuation, though those obviously matter. I mean the emotional weight of it. The confusion or regret. The feeling that something deeply personal was handed off without care.

For most business owners, their company isn’t just a place of work they walk into every day. It’s part of their soul. They’ve poured years, sometimes decades, into building an outward reflection of who they are. And when it comes time to step away, it’s not always clear what they want that next chapter to look like. That tension between the past and future is where plans often go sideways.

When you wait too long to put a plan in place, you lose the chance to shape the outcome. You lose the opportunity to protect what you’ve built. Take, for example, a founder of a mid-sized company who delays succession planning until the year they plan to retire, assuming the business would naturally pass to their children. They might find themselves forced into a sale under pressure, as the children may have pursued other interests, leaving no viable internal successor. Without a clear path forward, the founder may be left scrambling for options, ultimately negotiating a sale to an outside buyer. Employees who helped build the business could be left uncertain about their future, and the company might be restructured, losing its identity and culture. After the exit, the founder could feel disconnected from the outcome, left to wrestle with questions of legacy and identity.

I’ve seen families struggle to align, and employees kept in the dark. I’ve spoken with owners who believed they were ready, only to realize they hadn’t thought about what their days look like after they step away from the business.

That’s why our Citizens Private Wealth Advisors don’t just talk about deals. We talk about goals and family. About legacy. We encourage this dialogue early, once it becomes clear that the story of a business won’t end when the owner steps away.

Peace of mind starts with a plan

On the other hand, I’ve seen what happens when clients engage early and are paired with advisors who understand both the technical and emotional dimensions of transition. When done right, every facet of the outcome improves.

A founder who begins planning their exit five years before retirement is likely to better preserve the firm’s culture. They can ensure alignment with their management team while simultaneously developing a philanthropic strategy post-retirement. By working with a certified exit planning advisor and creating a phased transition, including employee ownership options, the founder can ensure that employees feel empowered. Meanwhile, the founder maintains a sense of identity with philanthropic goals and legacy in alignment. This is a post-exit life shaped by intention, not reaction.

I’ve sat with clients as they’ve talked through what they want for their children, employees and their communities. I’ve seen the relief in their faces when a plan starts to take shape, when the future stops feeling like a cliff and starts feeling like a bridge.

We’ve helped clients preserve family ownership, transition to loyal employees, and build charitable legacies. We’ve helped them prepare their children for what’s next, and structure their exits in ways that honor what they’ve built.

Citizens’ unified approach

At Citizens, many of us have lived these experiences ourselves. We’ve built businesses. We’ve made transitions. We’ve seen what happens when planning is rushed and what’s possible when it’s done right. I’m proud to come from a legacy of entrepreneurship. My grandfather’s journey shaped how I see this work and the deeply personal business transitions we support.

Whether it’s preparing a company for sale, structuring a charitable legacy, or helping a founder imagine life after the exit, our advisors bring both technical fluency and emotional intelligence to the table. Our Private Wealth, Private Bank, Business Bank, Commercial Bank and Capital Markets groups work together to support clients through every stage of the ownership journey. We have the expertise to handle liquidity events or tax structures while honoring your values, relationships, and what success looks like beyond the deal.

Start the journey early

The Great Ownership Transfer will have far-reaching impact. More than half of small business owners in the U.S. are over the age of 55,¹ and our economy and communities rely heavily on these businesses as employers and producers. Effectively transitioning these businesses to the next generation is critical, and the best transitions don’t happen by accident. They happen because someone had the courage to start early and ask hard questions, to imagine life beyond the business and to build a plan that considers valuation and values.

An exit deserves the same care and intention that went into building the business in the first place. Whether you’re three years out from retirement or just beginning to consider what’s next, our advisors are here to help.

Begin the conversation with a Citizens Private Wealth Advisor today.

[1] Source: U.S. Small Business Administration, Office of Advocacy. “Business Ownership Demographics Fact Sheet.” SBA Office of Advocacy, March 2021.
https://advocacy.sba.gov/wp-content/uploads/2021/03/Business-Ownership-Demographics-Fact-Sheet.pdf.