News Summary

• Wolfgang Puck, 76, and his 31-year-old son, Byron Lazaroff-Puck, spoke with BI's Anneta Konstantinides about the eventual changing of the guard at Puck's restaurant empire.
• Puck is navigating a challenge many aging business owners face: succession planning.
• McKinsey found that roughly 6 million SMBs will face ownership transitions by 2035 because of retiring boomers.
• But there's a catch.
• Only 1 million of those businesses were deemed "viable candidates for sale" per the report.