I recently had the opportunity to participate in a Luncheon Learn with First Merchant Bank lenders, including Terry Cable, Michigan Market President, Nick Fadel, and his team. I want to sincerely thank them for taking the time to spend with me during this valuable session.

We covered a variety of important topics, but the main focus was on the widespread lack of transition planning in the middle-market manufacturing and distribution sectors. Many baby boomer business owners, fatigued by more than 10 to 15 years of disruptive events, are now at a critical point where they are looking for an exit strategy or new relationships that will allow them to extract cash from their businesses and begin a life after work.

We also discussed how family challenges—such as illness, divorce, or death—often complicate succession plans, yet most owners have not thought about or planned for these realities. This is an area where banks should be providing more support.

We spent some time discussing the ongoing disruption in the auto industry. The rush to electric vehicles, followed by a slowdown and a comeback of internal combustion engines, combined with tariff pressures, is placing significant strain on Tier 2 and 3 suppliers. These privately held businesses, many owned by baby boomers, are struggling with the uncertainty of where the industry is headed long-term and how owners can “get off the bus” when the time comes.

Moving forward, we will continue these Luncheon Learns with local banking institutions. We’re also engaging with prominent law firms to explore how we can work together to get clients focused on transition planning before it’s too late.

If you’re a business owner ready to start planning your transition or want to learn more about protecting your business and legacy, please feel free to give me a call at 248-227-3436 or email me at bione@whitehallgroupllc.com. Let’s have a conversation about how to prepare for the future today.