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
July 18, 2025 - 18:34
BP Sells U.S. Wind Operations Amidst Shift in Renewable StrategyIn a significant move reflecting its evolving strategy, BP has sold its American wind business to LS Power. This sale is part of BP`s broader initiative to divest from various renewable energy...
July 18, 2025 - 02:53
Business Coalition Advocates for Enhanced Natural Gas Infrastructure in ArizonaA coalition comprising over thirty business, industry, and trade organizations has come together to advocate for the expansion of natural gas infrastructure in Arizona. This initiative, spearheaded...
July 17, 2025 - 07:30
Major Recall of Power Stick Antiperspirant Deodorant Affects Over 67,000 CasesA significant recall has been initiated for tens of thousands of cases of Power Stick antiperspirant deodorant, as announced by the Food and Drug Administration (FDA). This action affects products...
July 16, 2025 - 20:41
Key Challenges for Small Businesses in Recent State Legislative SessionsAs states concluded their 2025 legislative sessions, a range of measures affecting small businesses emerged, sparking significant discussions among entrepreneurs and lawmakers alike. Key issues...