Demographics tell a powerful story – a large portion of our workforce is moving into retirement, and business succession planning is becoming increasingly important for the continued viability of many local companies.
Last week Wells Fargo invited fellow members in for lunch at the Chamber office for a conversation about issues businesses should consider as part of succession planning. Some of the issues of greatest importance include resolving conflicts among family members, formulating a succession plan, ensuring that the family’s core business values are maintained, and developing a strategic plan and financial growth plan.
As businesses begin down the path of succession planning, owners should identify what’s important to them. Some considerations include asking yourself if you want to be involved in the business after retirement, what your vision for the business is and is it important that your children agree, and if something happened tomorrow, who would manage the business.
Small and family owned businesses are central to our local economy. Thanks to Wells Fargo for assisting fellow members with this important business issue.