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Transitioning Out of Your Business

John Barnes
Mike Switzer/SC Public Radio
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Eventually, an owner of a small business will close the business, pass it on to an heir, or sell the business.  Our next guest says that no matter the type of transition, there are many blind spots that need to be navigated.

Mike Switzer interviews John Barnes, a certified financial planner, and president and CEO of Pendleton Street Advisors in Columbia.

After almost 20 years, Mike Switzer retired from Wells Fargo Securities in 2001 as Senior Vice President/Investment Officer and Certified Portfolio Manager. In 1999, he and his wife, Maggie, purchased and operated for eight years the Baskin Robbins ice cream store on Forest Drive in Columbia. They grew the store from a bottom-tier operation in the Baskin Robbins franchise system to one in the top 5% nationwide within three years, tripling sales along the way. While operating the ice cream store, Mike and Maggie received patents for a portable ice cream sink and fold-down sneezeguard they invented and in 2002 started Magnolia Carts, an ice cream cart manufacturing company, which they sold in 2013.