Succession Plus’ North American operation will be branded as Aspire Plus and based in Cleveland, Ohio, with plans for the company to extend its activities into Chicago and San Francisco.
The firm currently operates across Australia with a focus on assisting small business owners in dealing with raising capital, building equity, protecting equity and extracting value upon exit.
Chris Snider, president and chief executive of the international Exit Planning Institute, which has its headquarters in the USA, welcomed Aspire Plus’s arrival in the US market. He said that demand from the US SME sector provided a unique business opportunity, with the need for specialist expertise in this area continuing to increase.
“SME enterprises in the US are the backbone of the nation’s economy, making up 99 per cent of all businesses," he said.
"In addition, they employ over 50 per cent of private sector employees and the sector accounts for over half of US non-farm GDP and represents 98 per cent of all US exporters and 34 per cent of US export revenue.”
Succession Plus chief executive Craig West said the time is right to establish a presence in the US.
“The succession and exit planning issues and challenges facing SMEs is not a problem restricted to Australia’s baby boomer demographic group – in fact, it is a problem being faced by most mature economies across the globe,” he said.
"Baby boomer business owners' wealth transfer on retirement has been described as a ‘tsunami like event’ estimated at US$10 trillion, with a variety of predictions projecting anywhere from 700,000 to over 10 million SMEs on the market."