Delaware Business Times has partnered with the Small Business Development Center (SBDC) to produce a three-part business series focusing on the unique goals, challenges and questions of small business owners.
Part 3: Family Business Transitions, Strategies & Tactics, is the final installment and will focus on issues relevant to small/family-owned businesses. The event is scheduled for Wednesday, Nov. 16 from 7:30-10 a.m. at the University and Whist Club.
Every business owner reaches the point where they are ready to retire. For those with family involved in the business, they must consider how to transition the business to the next generation. This is something that should be well thought through years before it is time to implement a succession plan. It is not easy and it is should not be a game of favorites.
There are a number of technical considerations, such as tax and financing considerations. But there are also other issues to consider, including ownership versus management (they are different), how to prepare the next generation, what is best for the business and what is best for the family.
We have assembled a panel of experts who have helped a number of businesses negotiate the process, including someone who has gone through the process as a third generation business owner. The panels will provide invaluable advice and insight into how you can help your family begin this process.
Panelists include:
- Margo Reign, MBA, Business Advisor, Delaware Small Business Development Center and Adjunct Professor, University of Delaware, Lerner College of Business & Economics
- John Goodwin, Financial Advisor and Financial Services Representative, CREATIVE financial group
- Margaret (Peggy) Hinton, President, Delaware Brick and third-generation family business wwner
- Barry Crozier, CPA, CGMA, Belfint Lyons Shuman Certified Public Accountants
Established in 2015, this partnership brings together the best business minds in Delaware with small business owners in an intimate breakfast meeting where the access and ability to listen, learn and engage from these leaders is unparalleled.
Cost of the event is $20. To register, go to: https://delawarebusinesstimes.com/event/family-owned-business-series/.
