Minority Business Assistance Center (MBAC) Program

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Toledo, OH 43606
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Succession Planning

Every family-owned business needs a succession plan. At the Smart Business Family Business Conference held on July 22 in Toledo, local experts shared advice on how to lead your business into the future.

The panelists stressed these key points:

  1. Develop a succession plan and revisit it every 3 to 5 years  Always communicate your current thinking early and often to all family members.
  2. Involve third party facilitators The facilitators should know you and your family well and understand your business. But they should be independent experts that can negate some of the emotion that can arise in planning for family businesses.
  3. Always know the state of your business  Businesses change over time. Your succession plan should reflect the current evaluation and size of your business.
  4. Be realistic in your planning  Do you really know what the next generation wants?  Make sure you ask and never make assumptions about who wants to lead the business into the future.
  5. Have an exit strategy Articulate it clearly and in writing so that everyone understands the path forward.
  6. Balance business and family needs  Balance can be difficult, and it’s another reason to involve a neutral third-party facilitator.
  7. Always have a Plan B  Put a contingency plan in place that could involve bringing in a 3rd party to run the business until someone is the family is ready to assume leadership again.

MassMutual Financial Group Ohio sponsored the inaugural conference. Mike McCartney, executive coach and owner of McCartney Consulting, Ltd., delivered the keynote address. The panel discussion and Q&A on succession planning featured Bruce DeBoer, advanced sales specialist with MassMutual Ohio; Peter Krebs, partner, Shumaker, Loop & Kendrick LLP; Joshua Schuyler, vice president of commercial lending at Signature Bank; and Linda A. Velandra, CPN, member, VZN Group, LLC.

 

The conference wrapped up with the recognition of some locally-owned businesses that are on their second, third and even fourth generation of family leadership.  Honorees included:

  • William Borchardt and Andrew Borchardt – Brochardt Brothers Market
  • Carol Cole, President, Jerl Machine Co.
  • Amy Hall, President, Ebony Construction
  • G. Christopher Joseph, Craig Joseph and Richard Joseph – Joseph Brothers Company LLC, Joseph Brother Reality and Oscar Joseph Stores
  • Peggy Richards, President Supplemental Staffing
  • Beth Rose, President, Beth Rose Real Estate and Auctions
  • Michael J. Sofo and Joseph Sofo, Jr. – Sofo Foods
Last Updated: 9/2/15