Stephen Leclair on business ownership
From Steven Leclair | Wealth Management Transitions for Entrpreneurs | Damn Good Day · · Damn Good Day
“Most businesses in the United States are owned by Baby Boomers who will eventually have to exit their businesses, and it's better to do so on their own terms.”
On , Stephen Leclair, Executive Chairman at CORE & MAIN INC, spoke about business ownership during Steven Leclair | Wealth Management Transitions for Entrpreneurs | Damn Good Day on Damn Good Day.
About Stephen Leclair
Steven Leclair, Executive Chairman at Core Main, appeared on two podcasts in 2021 and 2023 to discuss wealth management for entrepreneurs. He said that business owners often have their wealth tied up in their companies and may lack sophistication in investments after a sale. Leclair stated that most businesses sell to private companies or private equity rather than going public, and he described retirement as "often a facade," noting that many people exit one business only to enter another. He advised young entrepreneurs to find a "tribe of champions" to challenge and support them. Leclair discussed tax mitigation strategies, stating that he believes tax policy will begin to change in 2022 and 2023. He described the March 2020 market downturn as "an opportunity of a lifetime" and said he is an optimist about markets. Leclair also noted that there are about 30% fewer securities in public markets over the last 20 years, which he attributed to companies being bought, taken private, or not going public. He emphasized that honesty is the most valuable resource in wealth management and that sugarcoating problems leads to issues during economic uncertainty.