Leaving a business successfully 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. This practical and interactive workshop is for anyone ready to begin developing the key areas of an initial transition and succession:
• Evaluate options for your company and when to choose them
• Learn the key components of a good succession plan
• Discuss how and when to transition out of your company
• Explore the importance of estate and financial planning for an exit strategy
• Evaluate family dynamics and the need for outside management or other options for non-family management of the business
• Increase your company’s bench, value, and future stability
At the end of the 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.
As a follow up to these workshops, NWIRC will host a session about Employee Stock Ownership Plans (ESOP), along with a Succession Planning Panel Discussion. The program will be held on July 31 from 1:00-4:30pm at FICDA in Franklin, PA. Regional manufacturers (including Betts Industries, Precision Profiles, C & J Industries, and others) will share their own stories of succession planning and offer insights to companies that are just getting started or need to move their plan forward.