June 1, 2026 – Bart F. McGloin, CPA, CFE recently authored a guest column in Business First of Buffalo.

The generational wealth transfer: How family businesses can navigate

Family‑owned and closely held businesses have long been the backbone of the Upstate and Western New York economy. From multigenerational manufacturers to regional distributors and professional service firms, these enterprises anchor local employment, community investment, and long‑term economic stability. Today, however, they are navigating one of the most complex business environments in decades—one shaped by demographic shifts, global economic pressures, and rapidly evolving operational challenges. For many, this moment represents both a test and an opportunity.

One of the most significant forces reshaping the landscape is the unprecedented wave of generational wealth transfer. Baby‑boomer owners—many of whom built or expanded their companies over the past 40 years—are transitioning out of day‑to‑day leadership. Their successors, often Gen X or millennial family members, bring fresh perspectives but also face the weight of inheriting businesses during a period of heightened uncertainty. Questions around succession planning, governance, valuation, and liquidity have become central strategic concerns. Without a clear plan, even healthy companies can find themselves vulnerable during leadership transitions.

At the same time, macroeconomic variables continue to exert pressure. Tariff volatility has complicated sourcing strategies for manufacturers and distributors across the region. Shifting trade policies can alter input costs overnight, forcing businesses to rethink pricing, supplier relationships, and inventory management. Supply chain challenges—initially triggered by the pandemic and now sustained by geopolitical tensions—remain a persistent obstacle. Delays, shortages, and increased freight costs have become part of the new normal, requiring companies to diversify suppliers, invest in forecasting tools, and build greater operational resilience.

Energy costs add another layer of complexity. Spikes in electricity, natural gas, and fuel prices disproportionately affect businesses with energy‑intensive operations, such as fabrication, food processing, and logistics. For many, these fluctuations strain margins and complicate long‑term planning. While New York State offers various incentives for efficiency upgrades and renewable energy adoption, navigating these programs requires time, expertise, and strategic alignment.

Despite these challenges, the current environment is rich with opportunity. Family‑owned and closely held businesses are uniquely positioned to act quickly, think long‑term, and reinvest in their communities. Many are exploring expansion, acquisitions, technology upgrades, and new market entry. Others are leveraging their agility to outmaneuver larger competitors constrained by bureaucracy or shareholder pressure. The key is ensuring that decisions are grounded in sound financial strategy rather than reactive short‑term thinking.

This is where capable financial advisory partners become indispensable. The complexity of today’s economic climate demands more than transactional guidance. Businesses need advisors who understand succession planning, tax strategy, capital structure, risk management, and the nuances of family dynamics. They need partners who can help them evaluate opportunities, avoid costly missteps, and build durable strategies that support both the business and the family behind it.

For family‑owned and closely held companies in Upstate and Western New York, the path forward is filled with potential. With thoughtful planning and the right advisory support, these businesses can not only withstand the pressures of the moment but also seize the abundant opportunities ahead, ensuring that their legacy continues for generations to come.

For more information, contact Bart F. McGloin, CPA, CFE at bmcgloin@dopkins.com.

To read the article on the Business First of Buffalo website, click here.  

Dopkins & Company, LLP offers comprehensive accounting, auditing and tax services, forensic accounting, outsourced accounting, as well as wealth management consulting, internal audit support and capital advisory services to privately held and public companies, not-for-profit organizations and individuals.

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About the Author

Bart F. McGloin CPA CFE

Bart McGloin serves as the executive in charge of the Firm’s Assurance Services Group and also leads the Firm’s Forensic Accounting service team. He specializes in forensic accounting matters including fraud and embezzlement cases, litigation support services, and fraud prevention techniques. He also has substantial experience effectively working with organizations with respect to matters of financial reporting, internal controls and governance.