Kent State and Sidney-Shelby County Chamber Offer Succession Planning

Kent State University is teaming up with the Sidney-Shelby County Chamber of Commerce and the Small Business Development Center at Edison Community College to present a workshop for small business owners on exit planning. The program is designed to provide business owners with the information they need to get started with their business transition.

The program will be held on Thursday, Jan. 27, at 8 a.m. at the Dickman Supply Center for Customer Education in Sidney, Ohio. The presenters for the session are Chris Cooper and Jay Simecek of the Business Succession Planning Program at Kent State.

“Closely held small businesses are the backbone of the American economy, providing 76% of all private sector employment,” Cooper said. “Practically all the job generation in the country occurs in small businesses. Unfortunately, when it is time for the current ownership to exit the business, a majority of these otherwise successful entrepreneurs have not sufficiently planned for the occurrence.”

Inadequate planning for the inevitable exit from the business can be catastrophic for the current owner, their family, the business moving forward and local communities, according to Jeff Raible of the Sidney-Shelby County Chamber of Commerce.

“Frequently businesses are sold to competitors who may consolidate and move operations, or the business may need to be liquidated to pay medical bills or estate taxes,” Raible said. “All of this leads to loss of wealth, jobs and businesses.”

The failure to plan for business succession in small-and middle-sized closely held businesses is the leading preventable cause of job loss in the United States, according to Cooper.

Details:
Introduction to Business Succession Planning
Thursday, Jan. 27, from 8 to 11:30 a.m.
Dickman Supply Center for Customer Education, 1991 State Route 29 North, Sidney, Ohio

Topics covered during this session will include:
• How and where to start
• How much is your company worth?
• Legal documents
• Family issues
• Inside and outside buyers      

Participation in this event is free of charge as a benefit of membership with the Sidney-Shelby County Chamber. The cost for non-members is $20.

To register, contact the Sidney-Shelby County Chamber of Commerce at office@SidneyShelbyChamber.com or 937-492-9122, or visit www.sidneyshelbychamber.com.

For more information, contact Chris Cooper at ccooper1@kent.edu or 330-673-0338.

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Media Contacts:
Chris Cooper, ccooper1@kent.edu, 330-672-0338
Bob Burford, rburford@kent.edu, 330-672-8516