What does it mean to leave your business successfully? It means the company is well positioned for continued stability or growth, and the outgoing owners have enough to financially exit and live the life they desire. It also means the incoming leaders fully understand the strategic direction for the company, and successors have the knowledge, skills, and abilities needed to succeed. First and foremost, no one is caught off guard! Customers, employees and suppliers all feel secure about the future.
Succession is something that many family-owned businesses think will happen naturally—or don’t want to think about at all. But planning requires careful considerations and doesn’t happen overnight. A practical and interactive workshop is planned for anyone ready to begin developing the key areas of an initial transition and succession plan. Susan Hileman, NWIRC Strategic Business Advisor, will lead the workshop next month for small manufacturers to get started on or move forward with a succession plan.
The workshop will focus on how to evaluate options for your company and when to choose them, key components of a good succession plan, how and when to transition out of your company, the importance of estate and financial planning for an exit strategy, family dynamics and the need for outside management or other options, as well as your company’s benchmark, value, and future stability. At the end of this session, participants will have a draft plan to discuss with the rest of their family, management team, or professional advisors; as well as practical tips for continuing to develop, finalize, and implement their plan.
There is no cost for the program and is scheduled for July 23, 2019 from 1:00 pm – 4:30 pm at Penn State DuBois, 1 College Place, DEF Building in
Hileman has been working with manufacturing business owners for over 17 years. She is a Galliard trained Family Business Advisor, as well as a John Maxwell Group Certified speaker and trainer. Register at www.nwirc.org/events.