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.
MORE NEWS
June 19, 2026 - 22:12
Nobel-winning AlphaFold pioneer leaves Google DeepMind for AnthropicJohn Jumper, the lead scientist behind the Nobel Prize-winning AlphaFold project, has left Google DeepMind after nearly a decade to join Anthropic. The move marks a significant shift in the AI...
June 19, 2026 - 10:51
Minority and women-owned businesses in Springfield earned MWBE certificateMore than 20 small, minority, and women-owned businesses in Springfield have successfully obtained their first-round certifications as Small Business/Minority/Women Business Enterprises. This...
June 18, 2026 - 17:58
Small Businesses Have A Short Window to Petition For Tariff Exemptions. Here's What You Need to KnowNew import taxes on goods from 60 countries are scheduled to take effect this July, and small business owners have a limited window to request exemptions. The tariffs, which target a wide range of...
June 18, 2026 - 04:33
What 70 Years In Business Has Taught Us About LeadershipThis year, 84 Lumber marks 70 years in business. For a privately held company, reaching that milestone is rare. Most family-run operations fade after a generation or two. The ones that survive...