Small Business Owners Advised to Initiate Succession Planning

December 13, 2024 - 02:59

Small and medium-sized business owners looking towards retirement in the near future are being urged to prioritize their succession planning. This crucial message was conveyed by Mark Dorman during the recent Geauga Economic Leadership breakfast held at Kent State University – Geauga on December 6. Dorman, the founder of Legacy, emphasized the importance of having a well-thought-out exit strategy in place, as it can significantly impact the future of the business and its employees.

With many business owners approaching retirement age, Dorman highlighted that the time to start planning is now, not later. He shared insights on the various aspects of succession planning, including identifying potential successors, assessing the value of the business, and ensuring a smooth transition.

The discussion underscored the necessity for owners to engage in proactive planning, ensuring that their hard work and dedication can be passed on effectively, safeguarding the business's legacy and supporting the community it serves.