Writing the Final Chapter: Helping Business Owners Protect Their Legacy

Every business begins with an idea - a leap of faith, a late night at the kitchen table, a first customer who said yes. Over time, that idea becomes payrolls, partnerships, and a legacy built through years of hard work.

But every business story eventually reaches an important question: What comes next?

Stony Brook University's College of Business is launching a new research initiative to explore what we call The Owner's Dilemma- how business owners prepare for succession, transition or sale. In partnership with Wilmington Trust, M&T Bank and the Business Owners Advisory Council, this initiative focuses on the real decisions facing Long Island entrepreneurs today.

Led by Professor Richard Chan, the project will survey regional business owners, analyze Long Island-specific data, and engage our students as research assistants - giving them hands-on experience with the complex financial, operational, and emotional dimensions of business transition.

"Every great business story deserves a well-planned final chapter," said Chan. "Behind every balance sheet is a founder's life work. This research moves beyond the numbers to help owners transition their legacy - whether to family, employees, or a new buyer - with confidence, dignity, and a clear path forward."

By better understanding the challenges and opportunities local owners face, this research will generate insights that inform both business practice and public policy - while preparing the next generation of leaders to guide these pivotal moments.

Long Island business owners:Your experience matters. We invite you to participate in a brief, confidential 10-minute survey and help shape the future of business transition in our region.

Take the survey: https://stonybrookuniversity.co1.qualtrics.com/jfe/form/SV_9ZvVgumuStmxKey

Because every great business deserves a strong next chapter.